Covenant Logistics (CVLG) 10-Q 9 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 07, 2023
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	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	false
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		10,596,735

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 7,817	$ 68,665
Accounts receivable, net of allowance of $2,788 in 2023 and $2,934 in 2022	143,398	119,770
Drivers' advances and other receivables, net of allowance of $593 in 2023 and $585 in 2022	3,853	3,798
Inventory and supplies	4,125	3,516
Prepaid expenses	21,345	15,746
Assets held for sale	17,924	5,956
Income taxes receivable	0	4,838
Other short-term assets	486	367
Total current assets	198,948	222,656
Property and equipment, at cost	610,799	619,686
Less: accumulated depreciation and amortization	(180,520)	(211,951)
Net property and equipment	430,279	407,735
Goodwill	68,946	58,217
Other intangibles, net	98,116	48,169
Other assets, net	73,292	58,843
Noncurrent assets of discontinued operations	925	1,025
Total assets	870,506	796,645
Current liabilities:
Checks outstanding in excess of bank balances	2,096	0
Accounts payable	33,798	33,896
Accrued expenses	57,483	58,763
Current maturities of long-term debt	26,461	18,897
Current portion of finance lease obligations	2,123	5,326
Operating lease obligations	14,247	18,179
Current portion of insurance and claims accrual	17,834	21,060
Total current liabilities	154,042	156,121
Long-term debt	163,195	90,367
Long-term portion of finance lease obligations	3,266	432
Long-term portion of operating lease obligations	39,278	46,428
Insurance and claims accrual	15,532	15,859
Deferred income taxes	99,625	98,716
Other long-term liabilities	12,204	7,494
Long-term liabilities of discontinued operations	3,700	4,100
Total liabilities	490,842	419,517
Commitments and contingent liabilities
Stockholders' equity:
Additional paid-in-capital	154,348	152,886
Treasury stock at cost; 5,529,051 and 4,918,216 shares as of June 30, 2023 and December 31, 2022, respectively	(131,402)	(106,500)
Accumulated other comprehensive income	1,042	1,086
Retained earnings	355,491	329,471
Total stockholders' equity	379,664	377,128
Total liabilities and stockholders' equity	870,506	796,645
Common Class A [Member]
Stockholders' equity:
Common stock	161	161
Common Class B [Member]
Stockholders' equity:
Common stock	$ 24	$ 24

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable allowance	$ 2,788	$ 2,934
Driver's advances and other receivables, allowance	$ 593	$ 585
Treasury stock, shares (in shares)	5,529,051	4,918,216
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)	10,596,735	11,207,570
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Revenue		$ 274,016	$ 317,377	$ 540,867	$ 608,962
Operating expenses:
Salaries, wages, and related expenses		101,280	101,103	200,439	196,441
Fuel expense		31,428	48,484	65,519	83,986
Operations and maintenance		16,235	19,845	33,344	37,781
Revenue equipment rentals and purchased transportation		67,983	81,677	130,999	165,338
Operating taxes and licenses		3,317	2,740	6,780	5,480
Insurance and claims		11,043	13,627	23,736	22,806
Communications and utilities		1,215	1,214	2,499	2,384
General supplies and expenses		12,775	8,281	26,395	17,215
Depreciation and amortization		18,944	13,932	33,519	27,377
Gain on disposition of property and equipment, net		(1,987)	(399)	(11,778)	(566)
Total operating expenses		262,233	290,504	511,452	558,242
Operating income		11,783	26,873	29,415	50,720
Interest expense, net		2,124	766	2,893	1,321
Income from equity method investment		(5,381)	(7,076)	(11,324)	(13,861)
Income before income taxes		15,040	33,183	37,846	63,260
Income tax expense		2,897	8,657	9,218	16,567
Income from continuing operations, net of tax		12,143	24,526	28,628	46,693
Income from discontinued operations, net of tax		150	0	300	0
Net income		$ 12,293	$ 24,526	$ 28,928	$ 46,693
Basic income per share:
Income from continuing operations (in dollars per share)		$ 0.94	$ 1.58	$ 2.18	$ 2.91
Income from discontinued operations (in dollars per share)		0.01	0	0.02	0
Net income per share (in dollars per share)	[1]	0.95	1.58	2.20	2.91
Diluted income per share:
Income from continuing operations (in dollars per share)		0.90	1.56	2.08	2.86
Income from discontinued operations (in dollars per share)		0.01	0	0.02	0
Net income per share (in dollars per share)	[1]	$ 0.91	$ 1.56	$ 2.10	$ 2.86
Basic weighted average shares outstanding (in shares)		12,939	15,514	13,150	16,058
Diluted weighted average shares outstanding (in shares)		13,574	15,761	13,766	16,321
Cargo and Freight [Member]
Revenues
Revenue	[2]	$ 243,704	$ 266,856	$ 477,126	$ 524,470
Fuel Surcharge [Member]
Revenues
Revenue		$ 30,312	$ 50,521	$ 63,741	$ 84,492
[1]Total may not sum due to rounding.[2]Total may not sum 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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income	$ 12,293	$ 24,526	$ 28,928	$ 46,693
Other comprehensive income:
Unrealized gain on effective portion of cash flow hedges, net of tax of ($158) and ($44) in 2023 and ($198) and ($506) in 2022, respectively	452	580	127	1,480
Reclassification of cash flow hedge losses (gains) into statement of operations, net of tax of $33 and $60 in 2023 and ($25) and ($61) in 2022, respectively	(93)	73	(171)	179
Total other comprehensive income (loss)	359	653	(44)	1,659
Comprehensive income	$ 12,652	$ 25,179	$ 28,884	$ 48,352

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Unrealized (loss) gain on effective portion of cash flow hedges, tax	$ (158)	$ (198)	$ (44)	$ (506)
Reclassification of cash flow hedge losses (gains) into statement of operations, tax	$ 33	$ (25)	$ 60	$ (61)

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, Common [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
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	0	0	0	0	(1,047)	(1,047)
Share repurchase	0	0	0	(14,800)	0	0	(14,800)
Other comprehensive income	0	0	0	0	1,006	0	1,006
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 Dec. 31, 2021	161	24	149,406	(23,662)	(1,306)	225,076	349,699
Balances at Dec. 31, 2022	161	24	152,886	(106,500)	1,086	329,471	377,128
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	0	0	0	0	(975)	(975)
Share repurchase	0	0	0	(28,565)	0	0	(28,565)
Other comprehensive income	0	0	0	0	653		653
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 Dec. 31, 2022	161	24	152,886	(106,500)	1,086	329,471	377,128
Net income	0	0	0	0	0	16,635	16,635
Cash dividend	0	0	0	0	0	(1,466)	(1,466)
Share repurchase	0	0	0	(20,805)	0	0	(20,805)
Other comprehensive income	0	0	0	0	(403)	0	(403)
Stock-based employee compensation expense	0	0	1,558	0	0	0	1,558
Issuance of restricted shares, net	0	0	(1,523)	38	0	0	(1,485)
Share repurchase	0	0	0	(20,805)	0	0	(20,805)
Balances at Mar. 31, 2023	161	24	152,921	(127,267)	683	344,640	371,162
Balances at Dec. 31, 2022	161	24	152,886	(106,500)	1,086	329,471	377,128
Net income							28,928
Other comprehensive income							(44)
Balances at Jun. 30, 2023	161	24	154,348	(131,402)	1,042	355,491	379,664
Balances at Mar. 31, 2023	161	24	152,921	(127,267)	683	344,640	371,162
Net income	0	0	0	0	0	12,293	12,293
Cash dividend	0	0	0	0	0	(1,442)	(1,442)
Share repurchase	0	0	0	(4,683)	0	0	(4,683)
Other comprehensive income	0	0	0	0	359	0	359
Stock-based employee compensation expense	0	0	1,774	0	0	0	1,774
Issuance of restricted shares, net	0	0	(389)	354	0	0	(35)
Share repurchase	0	0	0	(4,683)	0	0	(4,683)
Exercise of stock options	0	0	42	194	0	0	236
Balances at Jun. 30, 2023	$ 161	$ 24	$ 154,348	$ (131,402)	$ 1,042	$ 355,491	$ 379,664

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares					3 Months Ended
	May 17, 2023	Feb. 15, 2023	May 18, 2022	Jan. 26, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Dividend, per share (in dollars per share)	$ 0.11	$ 0.11	$ 0.0625	$ 0.0625	$ 0.11	$ 0.11	$ 0.0625	$ 0.0625

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 28,928	$ 46,693
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for losses on accounts receivable	69	(26)
Reversal of gain on sales to equity method investee	(1)	(30)
Depreciation and amortization	33,519	27,377
Deferred income tax expense	1,840	620
Income tax expense arising from restricted share vesting and stock options exercised	(816)	(40)
Stock-based compensation expense	3,332	3,748
Income from equity method investment	(11,324)	(13,861)
Gain on disposition of property and equipment	(11,778)	(566)
Changes in operating assets and liabilities:
Receivables and advances	(13,225)	21,450
Prepaid expenses and other assets	(6,770)	2,074
Inventory and supplies	406	(638)
Insurance and claims accrual	(3,609)	(6,332)
Accounts payable and accrued expenses	(8,203)	(3,566)
Net cash flows provided by operating activities	12,368	76,903
Cash flows from investing activities:
Acquisition, net of cash acquired	(99,887)	(37,324)
Other investments	(1,448)	(12)
Purchase of property and equipment	(59,067)	(27,560)
Proceeds from disposition of property and equipment	47,073	1,931
Net cash flows used by investing activities	(113,329)	(62,965)
Cash flows from financing activities:
Change in checks outstanding in excess of bank balances	2,096	(216)
Cash dividend	(2,908)	(2,022)
Proceeds from issuance of notes payable	44,673	35,917
Repayments of notes payable	(4,438)	(3,526)
Repayments of finance lease obligations	(3,508)	(4,295)
Proceeds under revolving credit facility	94,542	85,632
Repayments under revolving credit facility and draw note	(54,385)	(85,632)
Payment of contingent consideration liability	(9,187)	0
Proceeds from exercise of stock options	236	0
Payment of minimum tax withholdings on stock compensation	(1,520)	(380)
Common stock repurchased	(25,488)	(43,365)
Net cash flows provided (used) by financing activities	40,113	(17,887)
Net change in cash and cash equivalents	(60,848)	(3,949)
Cash and cash equivalents at beginning of period	68,665	8,412
Cash and cash equivalents at end of period	$ 7,817	$ 4,463

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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, 2022 six June 30, 2023 not may December 31, 2023 10 December 31, 2022 not 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 three March 31, 2023,

Note 2 - Income Per Share

Note 2 - Income Per Share	6 Months Ended
	Jun. 30, 2023
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 235,000 and 251,000 shares issuable upon conversion of unvested restricted shares for the three six June 30, 2023 three six June 30, 2022 three six June 30, 2023 three six June 30, 2022 three six June 30, 2023 three six June 30, 2022 three six June 30, 2023 three six June 30, 2022 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, 2023 2022 2023 2022 Numerators: Income from continuing operations $ 12,143 $ 24,526 $ 28,628 $ 46,693 Income from discontinued operations 150 - 300 - Net income $ 12,293 $ 24,526 $ 28,928 $ 46,693 Denominator: Denominator for basic income per share – weighted-average shares 12,939 15,514 13,150 16,058 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 235 237 251 252 Equivalent shares issuable upon conversion of unvested employee stock options 400 10 365 11 Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 13,574 15,761 13,766 16,321 Basic income per share: Income from continuing operations $ 0.94 $ 1.58 $ 2.18 $ 2.91 Income from discontinued operations 0.01 - 0.02 - Net income per share(1) $ 0.95 $ 1.58 $ 2.20 $ 2.91 Diluted income per share: Income from continuing operations $ 0.90 $ 1.56 $ 2.08 $ 2.86 Income from discontinued operations 0.01 - 0.02 - Net income per share $ 0.91 $ 1.56 $ 2.10 $ 2.86 ( 1 Total may not

Note 3 - Fair Value of Financia

Note 3 - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2023
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. There were no June 30, 2023 December 31, 2022. 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 A three ● Level 1. ● Level 2. ● Level 3. no Financial Instruments Measured at Fair Value on a Recurring Basis (in thousands) June 30, 2023 December 31, 2022 Input Level Interest rate swaps 1,407 1,466 2 Contingent consideration (19,031 ) (17,023 ) 3 The carrying amount of cash and cash equivalents, certificates of deposit, accounts receivable, accounts payable, and current debt approximates their fair value because of the short-term maturity of these instruments. 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, 2023 Contingent consideration arrangements require us to pay up to $20.0 million of additional consideration to AAT Carriers, Inc.'s ("AAT's") former shareholders based on AAT's results during the first two first three 12, February 2022 April 2023. three six June 30, 2023, none first three six June 30, 2023, 2023, The following table provides a summary (in thousands) of the activity for the contingent consideration liability for 2023: December 31, 2022 Additions Adjustments to fair market value Payments June 30, 2023 Contingent consideration $ (17,023 ) $ (10,016 ) $ (1,992 ) $ 10,000 $ (19,031 )

Note 4 - Discontinued Operation

Note 4 - Discontinued Operations	6 Months Ended
	Jun. 30, 2023
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, 2023 2022 (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Reversal of contingent loss liability $ (200 ) $ - $ (400 ) $ - Income before income taxes 200 - 400 - Income tax expense 50 - 100 - Income from discontinued operations, net of tax $ 150 $ - $ 300 $ - Reversal of contingent liability for the three six June 30, 2023 The following table summarizes the major classes of assets and liabilities included as discontinued operations as of June 30, 2023 December 31, 2022 (in thousands) June 30, 2023 December 31, 2022 Noncurrent deferred tax asset $ 925 $ 1,025 Noncurrent assets from discontinued operations 925 1,025 Total assets from discontinued operations $ 925 $ 1,025 Liabilities: Long-term contingent loss liability $ 3,700 $ 4,100 Long-term liabilities of discontinued operations 3,700 4,100 Total liabilities from discontinued operations $ 3,700 $ 4,100 There were no three six June 30, 2023 2022

Note 5 - Segment Information

Note 5 - Segment Information	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 5. Segment Information We have four ● Expedited: The Expedited reportable segment primarily provides truckload services to customers with high service freight and delivery standards, such as 1,000 22 15 two ● Dedicated: The Dedicated reportable segment provides customers with committed truckload capacity over contracted periods with the goal of three five ● Managed Freight: The Managed Freight reportable 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 reportable 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, 2022 The following table summarizes our total revenue by our four three six June 30, 2023 2022 (in thousands) Three Months Ended June 30, 2023 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 104,073 $ 81,194 $ 63,281 $ 25,468 $ 274,016 Intersegment revenue 3,915 - - - 3,915 Operating income 5,815 3,243 1,945 780 11,783 Six Months Ended June 30, 2023 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 204,969 $ 161,438 $ 124,155 $ 50,305 $ 540,867 Intersegment revenue 8,377 - - - 8,377 Operating income 15,091 10,390 3,163 771 29,415 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 (loss) 23,941 5,523 19,458 1,798 50,720 (in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Total external revenues for reportable segments $ 274,016 $ 317,377 $ 540,867 $ 608,962 Intersegment revenues for reportable segments 3,915 1,006 8,377 1,897 Elimination of intersegment revenues (3,915 ) (1,006 ) (8,377 ) (1,897 ) Total consolidated revenues $ 274,016 $ 317,377 $ 540,867 $ 608,962

Note 6 - Income Taxes

Note 6 - Income Taxes	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 6. Income Taxes Income tax expense in both 2023 2022 Our liability recorded for uncertain tax positions as of June 30, 2023 December 31, 2022 The net deferred tax liability of $98.7 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, 2023 not may On March 11, 2021, 162 eight three not 2027. no President Biden signed the Inflation Reduction Act (the "IRA") into law on August 16, 2022. not three $1.0 1% not On May 11, 2023, June 30, 2023.

Note 7 - Debt

Note 7 - Debt	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 (in thousands) June 30, 2023 December 31, 2022 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ 40,157 $ - $ - Borrowings under the Draw Note - - - - Revenue equipment installment notes; weighted average interest rate of 4.9 4.7 25,194 104,578 17,656 71,267 Real estate notes; interest rate of 6.9 5.8 1,267 18,460 1,241 19,100 Total debt 26,461 163,195 18,897 90,367 Principal portion of finance lease obligations, secured by related revenue equipment 2,123 3,266 5,326 432 Principal portion of operating lease obligations, secured by related real estate and revenue equipment 14,247 39,278 18,179 46,428 Total debt and lease obligations $ 42,831 $ 205,739 $ 42,402 $ 137,227 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 $40.2 million borrowings outstanding under the Credit Facility as of June 30, 2023 June 30, 2023 June 30, 2023 2022 The Credit Facility includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the Credit Facility may may Pricing for the revenue equipment installment notes is quoted by the respective financial affiliates of our primary revenue equipment suppliers and other lenders at the funding of each group of equipment acquired and include fixed annual rates for new equipment under retail installment contracts. The notes included in the funding are due in monthly installments with final maturities at various dates ranging from October 2024 to June 2028 . not 2023 In August 2015, third 12 In connection with the settlement of a dispute related to the sale of TFS (the "TFS Settlement"), in September 2020, may September 23, 2025. one one September 23, 2026. may first 2021, second 2021 third 2021 June 30, 2023,

Note 8 - Lease Obligations

Note 8 - Lease Obligations	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 8. Lease Obligations The finance leases in effect at June 30, 2023 August 2023 November 2033 A summary of our lease obligations at June 30, 2023 2022 (dollars in thousands) Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Finance lease cost: Amortization of right-of-use assets $ 257 $ 632 $ 513 $ 1,320 Interest on lease liabilities 57 98 66 222 Operating lease cost 4,639 7,210 9,245 12,647 Variable lease cost 388 88 885 109 Total lease cost $ 5,341 $ 8,028 $ 10,709 $ 14,298 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 57 98 66 222 Operating cash flows from operating leases 3,329 7,298 7,178 12,756 Financing cash flows from finance leases 151 3,002 3,509 4,295 Right-of-use assets obtained in exchange for new finance lease liabilities 3,139 - 3,139 458 Right-of-use assets obtained in exchange for new operating lease liabilities 3,846 16,999 3,992 17,052 Weighted-average remaining lease term—finance leases (in years) 2.0 Weighted-average remaining lease term—operating leases (in years) 4.6 Weighted-average discount rate—finance leases 12.3 % Weighted-average discount rate—operating leases 9.9 % As of June 30, 2023 December 31, 2022 Our future minimum lease payments as of June 30, 2023 (in thousands) Operating Finance 2023 (1) $ 9,149 $ 2,269 2024 18,388 857 2025 11,999 857 2026 8,399 857 2027 7,530 857 Thereafter 10,815 1,698 Total minimum lease payments $ 66,280 $ 7,396 Less: amount representing interest (12,755 ) (2,007 ) Present value of minimum lease payments $ 53,525 $ 5,389 Less: current portion (14,247 ) (2,123 ) Lease obligations, long-term $ 39,278 $ 3,266 ( 1 six June 30, 2023

Note 9 - Stock-based Compensati

Note 9 - Stock-based Compensation	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	Note 9. Stock -Based Compensation Our Third Amended and Restated 2006 May 17, 2023, 2006 May 1, 2033, one 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, 2023 No may May 1, 2033. Included in salaries, wages, and related expenses within the condensed consolidated statements of operations is stock-based compensation expense of $1.6 million and $1.7 million for the three June 30, 2023 2022 six June 30, 2023 three June 30, 2023 2022, six June 30, 2023 2022. three June 30, 2023 June 30, 2022 six June 30, 2023 June 30, 2022 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, 2023 2023

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
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. We had $21.6 million and $23.9 million of outstanding and undrawn letters of credit as of June 30, 2023 December 31, 2022

Note 11 - Equity Method Investm

Note 11 - Equity Method Investment	6 Months Ended
	Jun. 30, 2023
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 Transactions with TEL were not three six June 30, 2023 2022. 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 2023 June 30, 2023 Our accounts receivable from TEL, accounts payable to TEL, and investment in TEL as of June 30, 2023 December 31, 2022 Description: Balance Sheet Line Item: June 30, 2023 December 31, 2022 Accounts receivable from TEL Driver advances and other receivables $ 86 $ 9 Accounts payable to TEL Accrued expenses $ 413 $ 763 Investment in TEL Other assets $ 66,051 $ 54,727 Operating lease obligations Current and long-term portion of operating lease obligations $ 11,099 $ 13,825 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, 2023 2022 Total Assets $ 599,243 $ 480,724 Total Liabilities 473,747 377,548 Total Equity $ 125,496 $ 103,177 (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Revenue $ 37,124 $ 33,857 $ 77,269 $ 66,096 Cost of Sales 3,325 5,645 10,330 10,118 Operating Expenses 19,903 11,754 39,296 24,028 Operating Income 13,896 16,458 27,643 31,950 Net Income $ 10,873 $ 14,728 $22,319 $ 28,386

Note 12 - Acquisition of Lew Th

Note 12 - Acquisition of Lew Thompson & Son Trucking, Inc	6 Months Ended
	Jun. 30, 2023
Lew Thompson & Son Trucking, Inc. [Member]
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note 12. Acquisition of Lew Thompson & Son Trucking, Inc. On April 26, 2023, third LTST's results have been included in the condensed consolidated financial statements since the date of acquisition and are reported within our Dedicated reportable segment. The acquisition date fair value of the consideration transferred consisted of the following: April 26, 2023 (in thousands) Cash paid pursuant to Stock Purchase Agreement $ 100,726 Cash acquired included in historical book value of LTST's assets and liabilities (839 ) Contingent consideration 10,016 Net purchase price $ 109,903 The contingent consideration arrangement requires us to pay up to $30.0 million of additional consideration to LTST's former shareholders based on LTST's results during the first three not 3 A determination on whether to make a 338 10 not The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date: April 26, 2023 Accounts receivable $ 5,135 Driver advances and other receivables 794 Inventory and supplies 1,015 Prepaid expenses 561 Net property and equipment 43,121 Other assets, net 120 Other intangibles, net 52,870 Total identifiable assets acquired 103,616 Accounts payable (565 ) Accrued expenses (1,322 ) Current portion of operating lease obligations (396 ) Current portion of insurance and claims accrual (56 ) Long-term portion of operating lease obligations (2,103 ) Total liabilities assumed (4,442 ) Net identifiable assets acquired 99,174 Goodwill 10,729 Net assets acquired $ 109,903 Goodwill and other intangible assets may may 14, The amounts of revenue and earnings of LTST included in the Company’s consolidated results of operations from the acquisition date to the periods ended June 30, 2023 (in thousands) Three months ended Six months ended June 30, 2023 June 30, 2023 Total revenue $ 10,809 $ 10,809 Net income $ 1,878 $ 1,878 The following unaudited pro forma consolidated results of operations for the three six June 30, 2023 2022 January 1, 2022: (in thousands) Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Total revenue $ 279,421 $ 333,441 $ 562,485 $ 641,090 Net income $ 12,976 $ 26,430 $ 31,659 $ 50,500 Basic net income per share $ 1.00 $ 1.70 $ 2.41 $ 3.14 Diluted net income per share $ 0.96 $ 1.68 $ 2.30 $ 3.09 The pro forma financial information for all periods presented above has been calculated after adjusting the results of LTST to reflect the business combination accounting effects resulting from this acquisition, including the amortization expense from acquired intangible assets as though the acquisition occurred as of the beginning of the Company’s fiscal year 2022. not 2022.

Note 13 - Acquisition of AAT Ca

Note 13 - Acquisition of AAT Carriers, Inc.	6 Months Ended
	Jun. 30, 2023
AAT Carriers Inc [Member]
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note 13. Acquisition of AAT Carriers, Inc. On February 9, 2022, first second AAT’s results have been included in the consolidated financial statements since the date of acquisition and are reported within our Expedited reportable 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 $ 40,347 Cash acquired included in historical book value of AAT's assets and liabilities (1,846 ) 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 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 The goodwill recognized is attributable primarily to expected cost synergies in the areas of fuel, purchases of revenue equipment. Refer to Note 14, The amounts of revenue and earnings of AAT included in the Company’s consolidated results of operations from the acquisition date to the periods ended June 30, 2023 2022 (in thousands) Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Total revenue $ 9,500 $ 8,421 $ 20,299 $ 12,587 Net income $ 2,059 $ 2,866 $ 6,244 $ 4,853

Note 14 - Goodwill and Other As

Note 14 - Goodwill and Other Assets	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 14. Goodwill and Other Assets The Landair Holdings, Inc. ("Landair") trade name has a residual value of $0.5 million. Amortization expense of $2.9 million and $2.1 million for the six June 30, 2023 2022 A summary of other intangible assets as of June 30, 2023 December 31, 2022 (in thousands) June 30, 2023 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name: Dedicated $ 4,502 $ (2,165 ) $ 2,337 Managed Freight 999 (885 ) 114 Warehousing 999 (885 ) 114 Total trade name 6,500 (3,935 ) 2,565 118 Non-Compete agreement: Dedicated 4,670 (195 ) 4,475 Total non-compete agreement 4,670 (195 ) 4,475 46 Customer relationships: Dedicated 60,172 (6,315 ) 53,857 Managed Freight 1,692 (705 ) 987 Warehousing 12,436 (5,182 ) 7,254 Total customer relationships: 74,300 (12,202 ) 62,098 171 Credentialing: Expedited 32,000 (3,022 ) 28,978 163 Total credentialing 32,000 (3,022 ) 28,978 Total other intangible assets $ 117,470 $ (19,354 ) $ 98,116 161 (in thousands) December 31, 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 (5,277 ) 8,795 Managed Freight 1,692 (635 ) 1,057 Warehousing 12,436 (4,663 ) 7,773 Total customer relationships: 28,200 (10,575 ) 17,625 90 Credentialing: Expedited 32,000 (1,956 ) 30,044 169 Total credentialing 32,000 (1,956 ) 30,044 Total other intangible assets $ 64,600 $ (16,431 ) $ 48,169 138 The expected amortization of these assets for the next five (in thousands) 2023 (1) 4,286 2024 8,573 2025 8,573 2026 8,573 2027 7,794 Thereafter 59,817 ( 1 six June 30, 2023 The carrying amount of goodwill and other intangible assets for 2023 June 30, 2023 December 31, 2022 (in thousands) June 30, 2023 Expedited Dedicated Managed Freight Warehousing Balance at December 31, 2022 $ 15,699 $ 15,320 $ 5,448 $ 21,750 Acquired goodwill for LTST - 10,729 - - Goodwill $ 15,699 $ 26,049 $ 5,448 $ 21,750

Note 15 - Equity

Note 15 - Equity	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Equity [Text Block]	Note 15. Equity On January 25, 2021, three March 31, 2021. August 5, 2021, January 1, 2022, February 10, 2022, 10b5 1 May 2022 On May 18, 2022, no 2022. January 30, 2023, May 2022, August 7, 2023 On January 26, 2022, March 25, 2022, March 4, 2022. May 18, 2022, June 24, 2022, June 3, 2022. February 15, 2023, March 31, 2023, March 3, 2023. May 17, 2023, June 30, 2023, June 2, 2023.

Other Information - Rule 10b5-1

Other Information - Rule 10b5-1	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Issuer Rule 10b5-1, Material Terms [Text Block]	5. O THER I NFORMATION During the second 2023, no 10b5 1 10b5 1

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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, 2022 six June 30, 2023 not may December 31, 2023 10 December 31, 2022 not
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 three March 31, 2023,

Note 2 - Income Per Share (Tabl

Note 2 - Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 2022 2023 2022 Numerators: Income from continuing operations $ 12,143 $ 24,526 $ 28,628 $ 46,693 Income from discontinued operations 150 - 300 - Net income $ 12,293 $ 24,526 $ 28,928 $ 46,693 Denominator: Denominator for basic income per share – weighted-average shares 12,939 15,514 13,150 16,058 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 235 237 251 252 Equivalent shares issuable upon conversion of unvested employee stock options 400 10 365 11 Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 13,574 15,761 13,766 16,321 Basic income per share: Income from continuing operations $ 0.94 $ 1.58 $ 2.18 $ 2.91 Income from discontinued operations 0.01 - 0.02 - Net income per share(1) $ 0.95 $ 1.58 $ 2.20 $ 2.91 Diluted income per share: Income from continuing operations $ 0.90 $ 1.56 $ 2.08 $ 2.86 Income from discontinued operations 0.01 - 0.02 - Net income per share $ 0.91 $ 1.56 $ 2.10 $ 2.86

Note 3 - Fair Value of Financ_2

Note 3 - Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	(in thousands) June 30, 2023 December 31, 2022 Input Level Interest rate swaps 1,407 1,466 2 Contingent consideration (19,031 ) (17,023 ) 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	December 31, 2022 Additions Adjustments to fair market value Payments June 30, 2023 Contingent consideration $ (17,023 ) $ (10,016 ) $ (1,992 ) $ 10,000 $ (19,031 )

Note 4 - Discontinued Operati_2

Note 4 - Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Disposal Groups, Including Discontinued Operations [Table Text Block]	(in thousands) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Reversal of contingent loss liability $ (200 ) $ - $ (400 ) $ - Income before income taxes 200 - 400 - Income tax expense 50 - 100 - Income from discontinued operations, net of tax $ 150 $ - $ 300 $ - (in thousands) June 30, 2023 December 31, 2022 Noncurrent deferred tax asset $ 925 $ 1,025 Noncurrent assets from discontinued operations 925 1,025 Total assets from discontinued operations $ 925 $ 1,025 Liabilities: Long-term contingent loss liability $ 3,700 $ 4,100 Long-term liabilities of discontinued operations 3,700 4,100 Total liabilities from discontinued operations $ 3,700 $ 4,100

Note 5 - Segment Information (T

Note 5 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	(in thousands) Three Months Ended June 30, 2023 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 104,073 $ 81,194 $ 63,281 $ 25,468 $ 274,016 Intersegment revenue 3,915 - - - 3,915 Operating income 5,815 3,243 1,945 780 11,783 Six Months Ended June 30, 2023 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 204,969 $ 161,438 $ 124,155 $ 50,305 $ 540,867 Intersegment revenue 8,377 - - - 8,377 Operating income 15,091 10,390 3,163 771 29,415 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 (loss) 23,941 5,523 19,458 1,798 50,720 (in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Total external revenues for reportable segments $ 274,016 $ 317,377 $ 540,867 $ 608,962 Intersegment revenues for reportable segments 3,915 1,006 8,377 1,897 Elimination of intersegment revenues (3,915 ) (1,006 ) (8,377 ) (1,897 ) Total consolidated revenues $ 274,016 $ 317,377 $ 540,867 $ 608,962

Note 7 - Debt (Tables)

Note 7 - Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Debt [Table Text Block]	(in thousands) June 30, 2023 December 31, 2022 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ 40,157 $ - $ - Borrowings under the Draw Note - - - - Revenue equipment installment notes; weighted average interest rate of 4.9 4.7 25,194 104,578 17,656 71,267 Real estate notes; interest rate of 6.9 5.8 1,267 18,460 1,241 19,100 Total debt 26,461 163,195 18,897 90,367 Principal portion of finance lease obligations, secured by related revenue equipment 2,123 3,266 5,326 432 Principal portion of operating lease obligations, secured by related real estate and revenue equipment 14,247 39,278 18,179 46,428 Total debt and lease obligations $ 42,831 $ 205,739 $ 42,402 $ 137,227

Note 8 - Lease Obligations (Tab

Note 8 - Lease Obligations (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Lease, Cost [Table Text Block]	(dollars in thousands) Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Finance lease cost: Amortization of right-of-use assets $ 257 $ 632 $ 513 $ 1,320 Interest on lease liabilities 57 98 66 222 Operating lease cost 4,639 7,210 9,245 12,647 Variable lease cost 388 88 885 109 Total lease cost $ 5,341 $ 8,028 $ 10,709 $ 14,298 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 57 98 66 222 Operating cash flows from operating leases 3,329 7,298 7,178 12,756 Financing cash flows from finance leases 151 3,002 3,509 4,295 Right-of-use assets obtained in exchange for new finance lease liabilities 3,139 - 3,139 458 Right-of-use assets obtained in exchange for new operating lease liabilities 3,846 16,999 3,992 17,052 Weighted-average remaining lease term—finance leases (in years) 2.0 Weighted-average remaining lease term—operating leases (in years) 4.6 Weighted-average discount rate—finance leases 12.3 % Weighted-average discount rate—operating leases 9.9 %
Lessee, Lease Liability, Maturity [Table Text Block]	(in thousands) Operating Finance 2023 (1) $ 9,149 $ 2,269 2024 18,388 857 2025 11,999 857 2026 8,399 857 2027 7,530 857 Thereafter 10,815 1,698 Total minimum lease payments $ 66,280 $ 7,396 Less: amount representing interest (12,755 ) (2,007 ) Present value of minimum lease payments $ 53,525 $ 5,389 Less: current portion (14,247 ) (2,123 ) Lease obligations, long-term $ 39,278 $ 3,266

Note 11 - Equity Method Inves_2

Note 11 - Equity Method Investment (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Equity Method Investments [Table Text Block]	Description: Balance Sheet Line Item: June 30, 2023 December 31, 2022 Accounts receivable from TEL Driver advances and other receivables $ 86 $ 9 Accounts payable to TEL Accrued expenses $ 413 $ 763 Investment in TEL Other assets $ 66,051 $ 54,727 Operating lease obligations Current and long-term portion of operating lease obligations $ 11,099 $ 13,825 (in thousands) As of June 30, As of December 31, 2023 2022 Total Assets $ 599,243 $ 480,724 Total Liabilities 473,747 377,548 Total Equity $ 125,496 $ 103,177 (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Revenue $ 37,124 $ 33,857 $ 77,269 $ 66,096 Cost of Sales 3,325 5,645 10,330 10,118 Operating Expenses 19,903 11,754 39,296 24,028 Operating Income 13,896 16,458 27,643 31,950 Net Income $ 10,873 $ 14,728 $22,319 $ 28,386

Note 12 - Acquisition of Lew _2

Note 12 - Acquisition of Lew Thompson & Son Trucking, Inc (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	February 9, 2022 (in thousands) Cash paid pursuant to Stock Purchase Agreement $ 40,347 Cash acquired included in historical book value of AAT's assets and liabilities (1,846 ) Contingent consideration 16,210 Net purchase price $ 54,711
Lew Thompson & Son Trucking, Inc. [Member]
Notes Tables
Business Acquisition, Pro Forma Information [Table Text Block]	(in thousands) Three months ended Six months ended June 30, 2023 June 30, 2023 Total revenue $ 10,809 $ 10,809 Net income $ 1,878 $ 1,878
Lew Thompson & Son Trucking, Inc. [Member]
Notes Tables
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	April 26, 2023 (in thousands) Cash paid pursuant to Stock Purchase Agreement $ 100,726 Cash acquired included in historical book value of LTST's assets and liabilities (839 ) Contingent consideration 10,016 Net purchase price $ 109,903
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	April 26, 2023 Accounts receivable $ 5,135 Driver advances and other receivables 794 Inventory and supplies 1,015 Prepaid expenses 561 Net property and equipment 43,121 Other assets, net 120 Other intangibles, net 52,870 Total identifiable assets acquired 103,616 Accounts payable (565 ) Accrued expenses (1,322 ) Current portion of operating lease obligations (396 ) Current portion of insurance and claims accrual (56 ) Long-term portion of operating lease obligations (2,103 ) Total liabilities assumed (4,442 ) Net identifiable assets acquired 99,174 Goodwill 10,729 Net assets acquired $ 109,903
Business Acquisition, Pro Forma Information [Table Text Block]	(in thousands) Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Total revenue $ 279,421 $ 333,441 $ 562,485 $ 641,090 Net income $ 12,976 $ 26,430 $ 31,659 $ 50,500 Basic net income per share $ 1.00 $ 1.70 $ 2.41 $ 3.14 Diluted net income per share $ 0.96 $ 1.68 $ 2.30 $ 3.09

Note 13 - Acquisition of AAT _2

Note 13 - Acquisition of AAT Carriers, Inc. (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	February 9, 2022 (in thousands) Cash paid pursuant to Stock Purchase Agreement $ 40,347 Cash acquired included in historical book value of AAT's assets and liabilities (1,846 ) Contingent consideration 16,210 Net purchase price $ 54,711
AAT Carriers Inc [Member]
Notes Tables
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, June 30, 2023 2022 2023 2022 Total revenue $ 9,500 $ 8,421 $ 20,299 $ 12,587 Net income $ 2,059 $ 2,866 $ 6,244 $ 4,853

Note 14 - Goodwill and Other _2

Note 14 - Goodwill and Other Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	(in thousands) June 30, 2023 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name: Dedicated $ 4,502 $ (2,165 ) $ 2,337 Managed Freight 999 (885 ) 114 Warehousing 999 (885 ) 114 Total trade name 6,500 (3,935 ) 2,565 118 Non-Compete agreement: Dedicated 4,670 (195 ) 4,475 Total non-compete agreement 4,670 (195 ) 4,475 46 Customer relationships: Dedicated 60,172 (6,315 ) 53,857 Managed Freight 1,692 (705 ) 987 Warehousing 12,436 (5,182 ) 7,254 Total customer relationships: 74,300 (12,202 ) 62,098 171 Credentialing: Expedited 32,000 (3,022 ) 28,978 163 Total credentialing 32,000 (3,022 ) 28,978 Total other intangible assets $ 117,470 $ (19,354 ) $ 98,116 161 (in thousands) December 31, 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 (5,277 ) 8,795 Managed Freight 1,692 (635 ) 1,057 Warehousing 12,436 (4,663 ) 7,773 Total customer relationships: 28,200 (10,575 ) 17,625 90 Credentialing: Expedited 32,000 (1,956 ) 30,044 169 Total credentialing 32,000 (1,956 ) 30,044 Total other intangible assets $ 64,600 $ (16,431 ) $ 48,169 138
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	(in thousands) 2023 (1) 4,286 2024 8,573 2025 8,573 2026 8,573 2027 7,794 Thereafter 59,817
Schedule of Goodwill [Table Text Block]	(in thousands) June 30, 2023 Expedited Dedicated Managed Freight Warehousing Balance at December 31, 2022 $ 15,699 $ 15,320 $ 5,448 $ 21,750 Acquired goodwill for LTST - 10,729 - - Goodwill $ 15,699 $ 26,049 $ 5,448 $ 21,750

Note 1 - Significant Accounti_2

Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gain (Loss) on Disposition of Property Plant Equipment	$ 1,987		$ 399	$ 11,778	$ 566
Tractors [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years			5 years
Tractors [Member] | Minimum [Member]
Property, Plant and Equipment, Salvage Value, Percentage	10%			10%
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			7 years
Dry Van Trailers [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years			10 years
Dry Van Trailers [Member] | Minimum [Member]
Property, Plant and Equipment, Salvage Value, Percentage	28%			28%
Dry Van Trailers [Member] | Maximum [Member]
Property, Plant and Equipment, Salvage Value, Percentage	29%			29%
Terminal Property [Member] | CALIFORNIA
Gain (Loss) on Disposition of Property Plant Equipment		$ 7,600

Note 2 - Income Per Share (Deta

Note 2 - Income Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restricted Stock [Member]
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares)	235,000	237,000	251,000	252,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0	0		0
Restricted Stock [Member] | Maximum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)			1,000
Share-Based Payment Arrangement, Option [Member]
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares)	400,000	10,000	365,000	11,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0	33,000	35,000	33,000

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, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerators:
Income from continuing operations		$ 12,143		$ 24,526		$ 28,628	$ 46,693
Income from discontinued operations		150		0		300	0
Net income		$ 12,293	$ 16,635	$ 24,526	$ 22,167	$ 28,928	$ 46,693
Denominator:
Denominator for basic income per share – weighted-average shares (in shares)		12,939,000		15,514,000		13,150,000	16,058,000
Effect of dilutive securities:
Diluted weighted average shares outstanding (in shares)		13,574,000		15,761,000		13,766,000	16,321,000
Basic income per share:
Income from continuing operations (in dollars per share)		$ 0.94		$ 1.58		$ 2.18	$ 2.91
Income from discontinued operations (in dollars per share)		0.01		0		0.02	0
Net income per share(1) (in dollars per share)	[1]	0.95		1.58		2.20	2.91
Diluted income per share:
Income from continuing operations (in dollars per share)		0.90		1.56		2.08	2.86
Income from discontinued operations (in dollars per share)		0.01		0		0.02	0
Net income per share (in dollars per share)	[1]	$ 0.91		$ 1.56		$ 2.10	$ 2.86
Restricted Stock [Member]
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested shares (in shares)		235,000		237,000		251,000	252,000
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares)		235,000		237,000		251,000	252,000
Share-Based Payment Arrangement, Option [Member]
Effect of dilutive securities:
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares)		400,000		10,000		365,000	11,000
[1]Total may not sum due to rounding.

Note 3 - Fair Value of Financ_3

Note 3 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands			3 Months Ended	6 Months Ended
	Apr. 26, 2023	Feb. 09, 2022	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Payment for Contingent Consideration Liability, Financing Activities				$ 9,187	$ 0
AAT Carriers Inc [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		$ 20,000
Business Combination, Contingent Consideration, Earnout Period (Year)		2 years
Payment for Contingent Consideration Liability			$ 0	10,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			10,500	1,500
Payment for Contingent Consideration Liability, Financing Activities				9,200
Payment for Contingent Consideration Liability, Operating Activities				$ 800
AAT Carriers Inc [Member] | Changes Measurement [Member]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			500
AAT Carriers Inc [Member] | Stock Purchase Agreement, Earnout Component [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		$ 20,000
Lew Thompson & Son Trucking, Inc. [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 30,000
Business Combination, Contingent Consideration, Earnout Period (Year)	3 years
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			$ 10,000
Lew Thompson & Son Trucking, Inc. [Member] | Stock Purchase Agreement, Earnout Component [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 129,900
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High	$ 30,000

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, 2023	Dec. 31, 2022
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Interest rate swaps	$ 1,407	$ 1,466
Fair Value, Inputs, Level 3 [Member]
Contingent consideration	$ (19,031)	$ (17,023)

Note 3 - Fair Value of Financ_5

Note 3 - Fair Value of Financial Instruments - Activity for Contingent Consideration (Details) - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Balance	$ (17,023)
Additions	(10,016)
Adjustment to fair market value	(1,992)
Contingent consideration	10,000
Balance	$ (19,031)

Note 4 - Discontinued Operati_3

Note 4 - Discontinued Operations (Details Textual) - Transport Financial Services [Member] - Discontinued Operations, Disposed of by Sale [Member] $ in Millions	Jul. 08, 2020 USD ($)
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net	$ 103.3
Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Gross	108.7
Disposal Group, Including Discontinued Operation, Allowance	$ 5.4

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Reversal of contingent loss liability	$ (200)	$ 0	$ (400)	$ 0
Income from discontinued operations, net of tax	150	0	300	0
Noncurrent assets from discontinued operations	925		925		$ 1,025
Transport Financial Services [Member] | Discontinued Operations, Disposed of by Sale [Member]
Income before income taxes	200	0	400	0
Income tax expense	50	$ 0	100	$ 0
Noncurrent deferred tax asset	925		925		1,025
Noncurrent assets from discontinued operations	925		925		1,025
Total assets from discontinued operations	925		925		1,025
Long-term contingent loss liability	3,700		3,700		4,100
Long-term liabilities of discontinued operations	3,700		3,700		4,100
Total liabilities from discontinued operations	$ 3,700		$ 3,700		$ 4,100

Note 5 - Segment Information (D

Note 5 - Segment Information (Details Textual)	3 Months Ended
	Jun. 30, 2023
Number of Asset-based Operating Fleets Aggregated in a Segment	4

Note 5 - Segment Information -

Note 5 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue	$ 274,016	$ 317,377	$ 540,867	$ 608,962
Operating income	11,783	26,873	29,415	50,720
Operating Segments [Member]
Revenue	274,016	317,377	540,867	608,962
Operating income	11,783	26,873	29,415	50,720
Intersegment Eliminations [Member]
Revenue	3,915	1,006	8,377	1,897
Consolidation, Eliminations [Member]
Revenue	(3,915)	(1,006)	(8,377)	(1,897)
Expedited [Member] | Operating Segments [Member]
Revenue	104,073	121,643	204,969	220,440
Operating income	5,815	14,610	15,091	23,941
Expedited [Member] | Intersegment Eliminations [Member]
Revenue	3,915	1,006	8,377	1,897
Dedicated [Member] | Operating Segments [Member]
Revenue	81,194	96,767	161,438	185,714
Operating income	3,243	2,882	10,390	5,523
Dedicated [Member] | Intersegment Eliminations [Member]
Revenue	0	0	0	0
Managed Freight [Member] | Operating Segments [Member]
Revenue	63,281	80,281	124,155	166,432
Operating income	1,945	8,627	3,163	19,458
Managed Freight [Member] | Intersegment Eliminations [Member]
Revenue	0	0	0	0
Warehousing [Member] | Operating Segments [Member]
Revenue	25,468	18,686	50,305	36,376
Operating income	780	754	771	1,798
Warehousing [Member] | Intersegment Eliminations [Member]
Revenue	$ 0	$ 0	$ 0	$ 0

Note 6 - Income Taxes (Details

Note 6 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21%		21%
Deferred Tax Liabilities, Net	$ 98,700		$ 98,700
Income Tax Expense (Benefit)	2,897	$ 8,657	$ 9,218	$ 16,567
State and Local Jurisdiction [Member] | Tennessee Department of Revenue [Member]
Income Tax Expense (Benefit)	$ (1,000)

Note 7 - Debt (Details Textual)

Note 7 - Debt (Details Textual) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended		9 Months Ended
	Oct. 23, 2020	Sep. 23, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Sep. 23, 2021	Sep. 30, 2020	Aug. 31, 2015
Letters of Credit Outstanding, Amount					$ 21,600			$ 23,900
Repayments of Lines of Credit					54,385	$ 85,632
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
Long-Term Line of Credit					40,200
Letters of Credit Outstanding, Amount					21,600
Line of Credit Facility, Remaining Borrowing Capacity					48,200
Fixed Charge Coverage Requirement					0	$ 0
Debt, Secured with a Cross Default Feature					9,700
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] | Secured Overnight Financing Rate (SOFR) Loans [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Lenders [Member] | Applicable Margin [Member] | Secured Overnight Financing Rate (SOFR) 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					40,000
Lenders [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Loans [Member]
Long-Term Line of Credit					200
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
Discontinued Operation, Amount of Continuing Cash Flows after Disposal				$ (35,600)
Repayments of Lines of Credit			$ 31,000
Long-Term Debt					$ 0
TBK Bank [Member] | London Interbank Offered Rate LIBOR 1 [Member] | Draw Note [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%
TBK Bank [Member] | London Interbank Offered Rate LIBOR 1 [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, 2023	Dec. 31, 2022
Debt, current	$ 26,461	$ 18,897
Debt, noncurrent	163,195	90,367
Principal portion of finance lease obligations, secured by related revenue equipment, current	2,123	5,326
Principal portion of finance lease obligations, secured by related revenue equipment, noncurrent	3,266	432
Principal portion of operating lease obligations, secured by related real estate and revenue equipment	14,247	18,179
Principal portion of operating lease obligations, secured by related real estate and revenue equipment	39,278	46,428
Total debt and lease obligations	42,831	42,402
Total debt and lease obligations	205,739	137,227
Finance Lease Secured by Related Revenue Equipment [Member]
Principal portion of finance lease obligations, secured by related revenue equipment, current	2,123	5,326
Principal portion of finance lease obligations, secured by related revenue equipment, noncurrent	3,266	432
Operating Lease Secured By Related Equipment [Member]
Principal portion of operating lease obligations, secured by related real estate and revenue equipment	14,247	18,179
Principal portion of operating lease obligations, secured by related real estate and revenue equipment	39,278	46,428
Draw Note [Member]
Credit facility, current	0	0
Credit facility, noncurrent	0	0
Revenue Equipment Installment Notes [Member]
Debt, current	25,194	17,656
Debt, noncurrent	104,578	71,267
Real Estate Note [Member]
Debt, current	1,267	1,241
Debt, noncurrent	18,460	19,100
Revolving Credit Facility [Member]
Credit facility, current	0	0
Credit facility, noncurrent	$ 40,157	$ 0

Note 7 - Debt - Current and L_2

Note 7 - Debt - Current and Long-term Debt (Details) (Parentheticals)	Jun. 30, 2023	Dec. 31, 2022
Revenue Equipment Installment Notes [Member]
Interest rate	4.90%	4.70%
Real Estate Note [Member]
Interest rate	6.90%	5.80%

Note 8 - Lease Obligations (Det

Note 8 - Lease Obligations (Details Textual) - Property, Plant, and Equipment, Net [Member] - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Operating Lease, Right-of-Use Asset	$ 52	$ 58.9
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	$ 4.8	$ 5.3

Note 8 - Lease - Lease Obligati

Note 8 - Lease - Lease Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Amortization of right-of-use assets	$ 257	$ 632	$ 513	$ 1,320
Interest on lease liabilities	57	98	66	222
Operating lease cost	4,639	7,210	9,245	12,647
Variable lease cost	388	88	885	109
Total lease cost	5,341	8,028	10,709	14,298
Operating cash flows from finance leases	57	98	66	222
Operating cash flows from operating leases	3,329	7,298	7,178	12,756
Financing cash flows from finance leases	151	3,002	3,509	4,295
Right-of-use assets obtained in exchange for new finance lease liabilities	3,139	0	3,139	458
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 3,846	$ 16,999	$ 3,992	$ 17,052
Weighted-average remaining lease term—finance leases (in years) (Year)	2 years		2 years
Weighted-average remaining lease term—operating leases (in years) (Year)	4 years 7 months 6 days		4 years 7 months 6 days
Weighted-average discount rate—finance leases	12.30%		12.30%
Weighted-average discount rate—operating leases	9.90%		9.90%

Note 8 - Leases - Future Minimu

Note 8 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
2023, Operating	[1]	$ 9,149
2023, Finance	[1]	2,269
2024, Operating		18,388
2024, Finance		857
2025, Operating		11,999
2025, Finance		857
2026, Operating		8,399
2026, Finance		857
2027, Operating		7,530
2027, Finance		857
Thereafter, Operating		10,815
Thereafter, Finance		1,698
Total minimum lease payments, Operating		66,280
Total minimum lease payments, Finance		7,396
Less: amount representing interest, Operating		(12,755)
Less: amount representing interest, Finance		(2,007)
Present value of minimum lease payments, Operating		53,525
Present value of minimum lease payments, Finance		5,389
Less: current portion, Operating		(14,247)	$ (18,179)
Less: current portion, Finance		(2,123)	(5,326)
Lease obligations, long-term, Operating		39,278
Lease obligations, long-term, Finance		$ 3,266	$ 432
[1]Excludes the six months ended June 30, 2023.

Note 9 - Stock-based Compensa_2

Note 9 - Stock-based Compensation (Details Textual) - USD ($)			3 Months Ended		6 Months Ended
	May 17, 2023	Jul. 01, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)	575,000
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
Maximum Cash Awarded to any Participant in the Incentive Plan in any Calendar Year		$ 4,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)			1,271,739		1,271,739
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)			4,775,000		4,775,000
Payment, Tax Withholding, Share-Based Payment Arrangement					$ 1,520,000	$ 380,000
Common Class A [Member]
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)					43,771
Share-Based Compensation Arrangement by Share-Based Payment Award, Per Share Weighted Average Price of Shares Purchased (in dollars per share)			$ 34.72		$ 34.72
Payment, Tax Withholding, Share-Based Payment Arrangement					$ 1,500,000
Restricted Stock [Member]
Share-Based Payment Arrangement, Expense			$ 600,000	$ 1,000,000	1,100,000	2,100,000
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense			1,000,000	700,000	1,900,000	1,400,000
Salaries Wages And Related Expenses [Member]
Share-Based Payment Arrangement, Expense			1,600,000	1,700,000	3,000,000	3,400,000
General and Administrative Expense [Member] | Director [Member]
Share-Based Payment Arrangement, Expense			$ 200,000	$ 200,000	$ 300,000	$ 300,000

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Letters of Credit Outstanding, Amount	$ 21.6	$ 23.9
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income (Loss) from Equity Method Investments	$ 5,381	$ 7,076	$ 11,324	$ 13,861
Transport Enterprise Leasing LLC [Member]
Equity Method Investment, Ownership Percentage	49%		49%
Income (Loss) from Equity Method Investments			$ 11,300

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Operating lease obligations	$ 14,247		$ 14,247		$ 18,179
Total Assets	870,506		870,506		796,645
Total Liabilities	490,842		490,842		419,517
Transport Enterprise Leasing LLC [Member]
Total Assets	599,243		599,243		480,724
Total Liabilities	473,747		473,747		377,548
Total Equity	125,496		125,496		103,177
Revenue	37,124	$ 33,857	77,269	$ 66,096
Cost of Sales	3,325	5,645	10,330	10,118
Operating Expenses	19,903	11,754	39,296	24,028
Operating Income	13,896	16,458	27,643	31,950
Net Income	10,873	$ 14,728	22,319	$ 28,386
Transport Enterprise Leasing LLC [Member] | Driver Advances and Other Receivable [Member]
Accounts receivable from TEL	86		86		9
Transport Enterprise Leasing LLC [Member] | Accrued Expenses [Member]
Accounts payable to TEL	413		413		763
Transport Enterprise Leasing LLC [Member] | Other Assets [Member]
Investment in TEL	66,051		66,051		54,727
Transport Enterprise Leasing LLC [Member] | Operating Lease Liability, Current [Member]
Operating lease obligations	$ 11,099		$ 11,099		$ 13,825

Note 12 - Acquisition of Lew _3

Note 12 - Acquisition of Lew Thompson & Son Trucking, Inc (Details Textual) - Lew Thompson & Son Trucking, Inc. [Member] $ in Thousands	Apr. 26, 2023 USD ($)
Business Acquisition, Percentage of Voting Interests Acquired	100%
Business Combination, Consideration Transferred	$ 109,903
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 30,000
Business Combination, Contingent Consideration, Earnout Period (Year)	3 years
Stock Purchase Agreement, Earnout Component [Member]
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High	$ 30,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low	109,900
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 129,900

Note 12 - Acquisition of Lew _4

Note 12 - Acquisition of Lew Thompson & Son Trucking, Inc - Allocation of Preliminary Purchase Price (Details) - USD ($) $ in Thousands		6 Months Ended
	Apr. 26, 2023	Jun. 30, 2023	Jun. 30, 2022
Cash paid pursuant to Stock Purchase Agreement		$ 99,887	$ 37,324
Lew Thompson & Son Trucking, Inc. [Member]
Cash paid pursuant to Stock Purchase Agreement	$ 100,726
Cash acquired included in historical book value of LTST's assets and liabilities	(839)
Contingent consideration, Acquisition	10,016
Net purchase price	$ 109,903

Note 12 - Acquisition of Lew _5

Note 12 - Acquisition of Lew Thompson & Son Trucking, Inc - Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Apr. 06, 2023	Dec. 31, 2022
Goodwill	$ 68,946		$ 58,217
Lew Thompson & Son Trucking, Inc. [Member]
Accounts receivable		$ 5,135
Driver advances and other receivables		794
Inventory and supplies		1,015
Prepaid expenses		561
Net property and equipment		43,121
Other assets, net		120
Other intangibles, net		52,870
Total identifiable assets acquired		103,616
Accounts payable		(565)
Accrued expenses		(1,322)
Current portion of operating lease obligations		(396)
Current portion of insurance and claims accrual		(56)
Long-term portion of operating lease obligations		(2,103)
Total liabilities assumed		(4,442)
Net identifiable assets acquired		99,174
Goodwill		10,729
Net assets acquired		$ 109,903

Note 12 - Acquisition of Lew _6

Note 12 - Acquisition of Lew Thompson & Son Trucking, Inc - Results of Operations From Acquisition Date (Details) - Lew Thompson & Son Trucking, Inc. [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Total revenue	$ 10,809	$ 10,809
Net income	$ 1,878	$ 1,878

Note 12 - Acquisition of Lew _7

Note 12 - Acquisition of Lew Thompson & Son Trucking, Inc - Pro Forma Consolidated Results of Operations (Details) - Lew Thompson & Son Trucking, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total revenue	$ 279,421
Net income	$ 12,976	$ 26,430	$ 31,659	$ 50,500
Basic net income per share (in dollars per share)	$ 1	$ 1.70	$ 2.41	$ 3.14
Diluted net income per share (in dollars per share)	$ 0.96	$ 1.68	$ 2.30	$ 3.09
Lew Thompson & Son Trucking, Inc. [Member]
Total revenue		$ 333,441	$ 562,485	$ 641,090

Note 13 - Acquisition of AAT _3

Note 13 - Acquisition of AAT Carriers, Inc. (Details Textual) - AAT Carriers Inc [Member] $ in Thousands	Feb. 09, 2022 USD ($)
Business Acquisition, Percentage of Voting Interests Acquired	100%
Business Combination, Consideration Transferred	$ 54,711
Stock Purchase Agreement, Earnout Component	20,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	20,000
Minimum [Member]
Purchase Price, Including Earnout	38,500
Maximum [Member]
Purchase Price, Including Earnout	$ 57,000

Note 13 - Acquisition of AAT _4

Note 13 - 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	$ 40,347
Cash acquired included in historical book value of LTST's assets and liabilities	(1,846)
Contingent consideration, Acquisition	16,210
Net purchase price	$ 54,711

Note 13 - Acquisition of AAT _5

Note 13 - Acquisition of AAT Carriers, Inc. - Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Feb. 09, 2022
Goodwill	$ 68,946	$ 58,217
AAT Carriers Inc [Member]
Accounts receivable			$ 842
Prepaid expenses			33
Other short-term assets			19
Net property and equipment			7,994
Other intangibles, net			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

Note 13 - Acquisition of AAT _6

Note 13 - 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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total revenue	$ 9,500	$ 8,421	$ 20,299	$ 12,587
Net income	$ 2,059	$ 2,866	$ 6,244	$ 4,853

Note 14 - Goodwill and Other _3

Note 14 - Goodwill and Other Assets (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Amortization of Intangible Assets	$ 2,900	$ 2,100
Goodwill	68,946		$ 58,217
Trade Names [Member] | Landair Holdings Inc [Member]
Acquired Finite-lived Intangible Asset, Residual Value	$ 500

Note 14 - Goodwill and Other _4

Note 14 - Goodwill and Other Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Gross	$ 117,470	$ 64,600
Finite-Lived Intangible Assets, Accumulated Amortization	(19,354)	(16,431)
Finite-Lived Intangible Assets, Net	$ 98,116	$ 48,169
Finite-Lived Intangible Asset, Useful Life (Month)	161 months	138 months
Trade Names [Member]
Finite-Lived Intangible Assets, Gross	$ 6,500	$ 4,400
Finite-Lived Intangible Assets, Accumulated Amortization	(3,935)	(3,900)
Finite-Lived Intangible Assets, Net	$ 2,565	500
Finite-Lived Intangible Asset, Useful Life (Month)	118 months
Trade Names [Member] | Dedicated [Member]
Finite-Lived Intangible Assets, Gross	$ 4,502	2,402
Finite-Lived Intangible Assets, Accumulated Amortization	(2,165)	(2,130)
Finite-Lived Intangible Assets, Net	2,337	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
Noncompete Agreements [Member]
Finite-Lived Intangible Assets, Gross	4,670
Finite-Lived Intangible Assets, Accumulated Amortization	(195)
Finite-Lived Intangible Assets, Net	$ 4,475
Finite-Lived Intangible Asset, Useful Life (Month)	46 years
Noncompete Agreements [Member] | Dedicated [Member]
Finite-Lived Intangible Assets, Gross	$ 4,670
Finite-Lived Intangible Assets, Accumulated Amortization	(195)
Finite-Lived Intangible Assets, Net	4,475
Customer Relationships [Member]
Finite-Lived Intangible Assets, Gross	74,300	28,200
Finite-Lived Intangible Assets, Accumulated Amortization	(12,202)	(10,575)
Finite-Lived Intangible Assets, Net	$ 62,098	$ 17,625
Finite-Lived Intangible Asset, Useful Life (Month)	171 months	90 months
Customer Relationships [Member] | Dedicated [Member]
Finite-Lived Intangible Assets, Gross	$ 60,172	$ 14,072
Finite-Lived Intangible Assets, Accumulated Amortization	(6,315)	(5,277)
Finite-Lived Intangible Assets, Net	53,857	8,795
Customer Relationships [Member] | Managed Freight [Member]
Finite-Lived Intangible Assets, Gross	1,692	1,692
Finite-Lived Intangible Assets, Accumulated Amortization	(705)	(635)
Finite-Lived Intangible Assets, Net	987	1,057
Customer Relationships [Member] | Warehousing [Member]
Finite-Lived Intangible Assets, Gross	12,436	12,436
Finite-Lived Intangible Assets, Accumulated Amortization	(5,182)	(4,663)
Finite-Lived Intangible Assets, Net	7,254	7,773
Credentialing [Member]
Finite-Lived Intangible Assets, Gross	32,000	32,000
Finite-Lived Intangible Assets, Accumulated Amortization	(3,022)	(1,956)
Finite-Lived Intangible Assets, Net	28,978	30,044
Credentialing [Member] | Expedited [Member]
Finite-Lived Intangible Assets, Gross	32,000	32,000
Finite-Lived Intangible Assets, Accumulated Amortization	(3,022)	(1,956)
Finite-Lived Intangible Assets, Net	$ 28,978	$ 30,044
Finite-Lived Intangible Asset, Useful Life (Month)	163 months	169 months

Note 14 - Goodwill and Other _5

Note 14 - Goodwill and Other Assets - Expected Future Amortization (Details) $ in Thousands	Jun. 30, 2023 USD ($)
2023 (1)	$ 4,286	[1]
2024	8,573
2025	8,573
2026	8,573
2027	7,794
Thereafter	$ 59,817
[1]Excludes the six months ended June 30, 2023.

Note 14 - Goodwill and Other _6

Note 14 - Goodwill and Other Assets - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Balance, Goodwill	$ 58,217
Balance, Goodwill	68,946
Lew Thompson & Son Trucking, Inc. [Member] | Expedited [Member]
Balance, Goodwill	15,699
Acquired goodwill for LTST	0
Balance, Goodwill	15,699
Lew Thompson & Son Trucking, Inc. [Member] | Dedicated [Member]
Balance, Goodwill	15,320
Acquired goodwill for LTST	10,729
Balance, Goodwill	26,049
Lew Thompson & Son Trucking, Inc. [Member] | Managed Freight [Member]
Balance, Goodwill	5,448
Acquired goodwill for LTST	0
Balance, Goodwill	5,448
Lew Thompson & Son Trucking, Inc. [Member] | Warehousing [Member]
Balance, Goodwill	21,750
Acquired goodwill for LTST	0
Balance, Goodwill	$ 21,750

Note 15 - Equity (Details Textu

Note 15 - Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions					1 Months Ended	3 Months Ended					12 Months Ended	14 Months Ended
	May 17, 2023	Feb. 15, 2023	May 18, 2022	Jan. 26, 2022	May 31, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2022	Jun. 30, 2023	Jan. 30, 2023	Jan. 29, 2023	Feb. 10, 2022	Jan. 01, 2022	Aug. 05, 2021	Jan. 25, 2021
Treasury Stock, Value, Acquired, Cost Method						$ 4,683	$ 20,805	$ 28,565	$ 14,800
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.11	$ 0.11	$ 0.0625	$ 0.0625		$ 0.11	$ 0.11	$ 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
Treasury Stock, Value, Acquired, Cost Method					$ 30,000
Share Repurchase Program Authorized May 18, 2022 [Member]
Stock Repurchase Program, Authorized Amount			$ 75,000										$ 55,000
Treasury Stock, Shares, Acquired (in shares)											2
Treasury Stock, Value, Acquired, Cost Method						$ 0					$ 54,700	$ 2,700
Stock Repurchase Program, Remaining Authorized Repurchase Amount														$ 17,500
Stock Repurchase Program, Additional Authorized Amount							$ 37,500