Knight Transportation 10-Q 8 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 28, 2016
Document Information [Line Items]
Entity Registrant Name	KNIGHT TRANSPORTATION INC
Entity Central Index Key	929,452
Trading Symbol	knx
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		80,017,790
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 9,564,000	$ 8,691,000
Trade receivables, net of allowance for doubtful accounts of $2,780 and $3,106, respectively	134,753,000	131,945,000
Notes receivable, net of allowance for doubtful notes receivable of $265 and $273, respectively	549,000	648,000
Prepaid expenses	11,894,000	17,320,000
Assets held for sale	21,091,000	29,327,000
Other current assets	9,171,000	14,215,000
Income tax receivable	17,923,000	41,967,000
Total current assets	204,945,000	244,113,000
Property and Equipment:
Revenue equipment	883,910,000	866,252,000
Land and land improvements	53,131,000	52,951,000
Buildings and building improvements	142,256,000	139,102,000
Furniture and fixtures	19,955,000	18,363,000
Shop and service equipment	16,438,000	16,729,000
Leasehold improvements	4,475,000	3,061,000
Gross property and equipment	1,120,165,000	1,096,458,000
Less: accumulated depreciation and amortization	(316,032,000)	(292,815,000)
Property and equipment, net	804,133,000	803,643,000
Notes receivable, long-term	3,435,000	3,419,000
Goodwill	47,040,000	47,050,000
Intangible assets, net	2,825,000	3,075,000
Other long-term assets, restricted cash and investments	24,416,000	18,932,000
Total long-term assets	881,849,000	876,119,000
Total assets	1,086,794,000	1,120,232,000
Current Liabilities:
Accounts payable	28,491,000	14,818,000
Accrued payroll and purchased transportation	21,567,000	23,776,000
Accrued liabilities	16,504,000	21,609,000
Claims accrual - current portion	20,315,000	19,471,000
Dividend payable - current portion	314,000	349,000
Total current liabilities	87,191,000	80,023,000
Long-term Liabilities:
Claims accrual - long-term portion	12,192,000	11,508,000
Long-term dividend payable and other liabilities	1,888,000	2,164,000
Deferred tax liabilities	177,200,000	174,165,000
Long-term debt	60,000,000	112,000,000
Total long-term liabilities	251,280,000	299,837,000
Total liabilities	338,471,000	379,860,000
Shareholders' Equity:
Preferred stock, $0.01 par value; 50,000 shares authorized; none issued and outstanding	0	0
Common stock, $0.01 par value; 300,000 shares authorized; 79,991 and 80,967 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	800,000	810,000
Additional paid-in capital	216,022,000	205,648,000
Accumulated other comprehensive income	733,000	2,573,000
Retained earnings	529,017,000	529,367,000
Total Knight Transportation shareholders' equity	746,572,000	738,398,000
Noncontrolling interest	1,751,000	1,974,000
Total shareholders' equity	748,323,000	740,372,000
Total liabilities and shareholders' equity	$ 1,086,794,000	$ 1,120,232,000

Condensed Consolidated Unaudit3

Condensed Consolidated Unaudited Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Allowance for doubtful accounts	$ 2,780	$ 3,106
Allowance for doubtful notes receivable	$ 265	$ 273
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	79,991,000	80,967,000
Common stock, shares outstanding (in shares)	79,991,000	80,967,000

Condensed Consolidated Unaudit4

Condensed Consolidated Unaudited Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
REVENUE:
Revenue, before fuel surcharge	$ 253,859	$ 268,623	$ 507,442	$ 525,837
Fuel surcharge	22,459	33,199	40,964	66,266
Total revenue	276,318	301,822	548,406	592,103
OPERATING EXPENSES:
Salaries, wages and benefits	84,440	84,381	168,043	164,407
Fuel	33,429	42,362	60,200	80,451
Operations and maintenance	19,094	21,547	37,104	41,675
Insurance and claims	8,257	7,995	17,080	16,928
Operating taxes and licenses	4,612	4,725	10,099	10,581
Communications	1,043	1,077	2,248	2,217
Depreciation and amortization	28,955	27,364	57,357	54,524
Purchased transportation	53,918	60,619	111,703	120,164
Miscellaneous operating expenses	4,489	10,133	7,764	13,234
Total operating expenses	238,237	260,203	471,598	504,181
Income from operations	38,081	41,619	76,808	87,922
Interest income	82	104	176	236
Interest expense	(258)	(211)	(559)	(493)
Other income	1,927	2,436	3,213	4,899
Income before income taxes	39,832	43,948	79,638	92,564
Income taxes	14,861	15,759	31,645	34,434
Net income	24,971	28,189	47,993	58,130
Net income attributable to noncontrolling interest	(296)	(551)	(748)	(930)
Net income attributable to Knight Transportation	$ 24,675	$ 27,638	$ 47,245	$ 57,200
Earnings per share:
Basic (in dollars per share)	$ 0.31	$ 0.34	$ 0.59	$ 0.70
Diluted (in dollars per share)	0.31	0.33	0.58	0.69
Dividends declared per share (in dollars per share)	$ 0.06	$ 0.06	$ 0.12	$ 0.12
Weighted Average Shares Outstanding:
Basic (in shares)	80,105	81,894	80,407	81,959
Diluted (in shares)	80,781	82,852	81,079	83,020

Condensed Consolidated Unaudit5

Condensed Consolidated Unaudited Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net income		$ 24,971	$ 28,189	$ 47,993	$ 58,130
Other comprehensive income, net of tax:
Realized gains from available-for-sale securities reclassified to net income(1)	[1]	(907)	(1,344)	(1,888)	(2,782)
Unrealized (loss)/gain from changes in fair value of available-for-sale securities(2)	[2]	(75)	(3,010)	48	(3,271)
Comprehensive income		23,989	23,835	46,153	52,077
Comprehensive income attributable to noncontrolling interest		(296)	(551)	(748)	(930)
Comprehensive income attributable to Knight Transportation		$ 23,693	$ 23,284	$ 45,405	$ 51,147
[1]	Net of current income tax expense of $567, $849, $1,181, and $1,757, respectively.
[2]	Net of deferred income tax (benefit)/expense of $(50), $(1,903), $24, and $(2,145), respectively.

Condensed Consolidated Unaudit6

Condensed Consolidated Unaudited Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net of current income taxes	$ (567)	$ (849)	$ (1,181)	$ (1,757)
Net of deferred income taxes	$ (50)	$ (1,903)	$ 24	$ (2,145)

Condensed Consolidated Unaudit7

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows From Operating Activities:
Net income	$ 47,993,000	$ 58,130,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	57,357,000	54,524,000
Gain on sale of equipment	(5,845,000)	(9,912,000)
Gain from sale of available-for-sale securities	(3,069,000)	(4,539,000)
Gain from sale of Transportation Resource Partners I		(122,000)
Income from investment in Transportation Resource Partners III	(144,000)	(239,000)
Non-cash compensation expense for issuance of common stock to certain members of Board of Directors	398,000	354,000
Provision for doubtful accounts and notes receivable	317,000	803,000
Excess tax benefits related to stock-based compensation	(690,000)	(2,748,000)
Stock-based compensation expense, net	2,581,000	3,600,000
Deferred income taxes	4,193,000	(9,141,000)
Changes in operating assets and liabilities:
Trade receivables	(3,115,000)	7,837,000
Other current assets	5,044,000	49,000
Prepaid expenses	5,425,000	1,379,000
Income tax receivable	24,043,000	12,699,000
Other long-term assets	185,000	(1,946,000)
Accounts payable	5,363,000	(4,857,000)
Accrued liabilities and claims accrual	(6,512,000)	1,596,000
Net cash provided by operating activities	133,524,000	107,467,000
Cash Flows From Investing Activities:
Purchases of property and equipment	(75,446,000)	(86,930,000)
Proceeds from sale of equipment/assets held for sale	40,050,000	47,321,000
Proceeds from notes receivable	262,000	822,000
Change in restricted cash and investments	(19,000)	(8,000)
Proceeds from sale of available-for-sale securities	5,183,000	6,188,000
Cash payments to Transportation Resource Partners	(11,028,000)
Cash proceeds from Transportation Resource Partners	423,000	251,000
Net cash used in investing activities	(40,575,000)	(32,356,000)
Cash Flows From Financing Activities:
Dividends paid	(9,938,000)	(10,135,000)
Payments to repurchase company stock	(36,566,000)	(30,345,000)
Payments on line of credit borrowings, net	(52,000,000)	(49,400,000)
Excess tax benefits related to stock-based compensation	690,000	2,748,000
Cash distribution to noncontrolling interest holder	(972,000)	(603,000)
Proceeds from exercise of stock options	6,710,000	6,488,000
Net cash used in financing activities	(92,076,000)	(81,247,000)
Net increase (decrease) in Cash and Cash Equivalents	873,000	(6,136,000)
Cash and Cash Equivalents, beginning of period	8,691,000	17,066,000
Cash and Cash Equivalents, end of period	9,564,000	10,930,000
Non-cash investing and financing transactions:
Equipment acquired included in accounts payable	12,528,000	13,821,000
Transfer from property and equipment to assets held for sale	18,776,000	19,944,000
Financing provided to independent contractors for equipment sold	157,000	424,000
Net dividend accrued for restricted stock units	77,000	86,000
Cash flow information:
Income taxes paid	2,667,000	28,253,000
Interest expense paid	$ 591,000	$ 529,000

Note 1 - Financial Information

Note 1 - Financial Information	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Financial Information References in this Report on Form 10-Q to "we," "us," "our," "Knight," or the "Company" or similar terms refer to Knight Transportation, Inc. and its consolidated subsidiaries. All inter-company balances and transactions have been eliminated in consolidation. The accompanying condensed consolidated unaudited financial statements of Knight Transportation, Inc. and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America and Regulation S-X, instructions to Form 10-Q, and other relevant rules and regulations of the Securities and Exchange Commission (the "SEC"), as applicable to the preparation and presentation of interim financial information. Certain information and footnote disclosures have been omitted or condensed pursuant to such rules and regulations. We believe all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results of operations in interim periods are not necessarily indicative of results for a full year. These condensed consolidated unaudited financial statements and notes thereto should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015.

Note 2 - Stock-based Compensati

Note 2 - Stock-based Compensation	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 2. Stock-Based Compensation In May 2015, our shareholders approved the Amended and Restated 2015 Omnibus Incentive Plan (the “2015 Plan”). This plan combines into a single plan the Company’s 2005 Executive Cash Bonus Plan (the “2005 Plan”) and the 2012 Equity Compensation Plan (the “2012 Plan”) and allows for future grants under the 2015 Plan. Grants outstanding under the 2005 Plan and 2012 Plan will continue in force and effect and continue to be governed solely by the terms and conditions of the instrument evidencing such grants, and will be interpreted under the terms of the 2005 Plan and the 2012 Plan, as applicable. Since approval of the 2015 Plan in May 2015, all grants of stock-based compensation are made under the 2015 Plan. Stock-based compensation expense for the three months and six months ended June 30, 2016, and 2015, are as follows (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Stock compensation expense for options, net of forfeitures $ 513 $ 280 $ 884 $ 446 Stock compensation expense for restricted stock units and performance restricted stock units, net of forfeitures 1,288 1,167 1,697 3,154 Total stock compensation expense $ 1,801 $ 1,447 $ 2,581 $ 3,600 Our policy is to recognize compensation expense on a straight-line basis over the requisite service period for the entire award. As of June 30, 2016, we have approximately $4.3 million of unrecognized compensation expense related to unvested options. This cost is expected to be recognized over a weighted-average period of 1.9 years and a total period of 3.7 years. We have approximately $9.4 million of unrecognized compensation expense related to restricted stock unit awards, which is anticipated to be recognized over a weighted-average period of 3.5 years and a total period of 6.6 years. We also have approximately $8.2 million of unrecognized compensation cost related to unvested performance awards. That cost is expected to be recognized over a weighted-average period of 2.8 years and total period of 3.6 years. A total of 569,480 and 590,141 stock options were granted during the first six months of 2016 and 2015, respectively. We received approximately $6.7 million in cash from the exercise of stock options during the six months ended June 30, 2016, compared to $6.5 million for the same period in 2015. A summary of the option award activity under our equity compensation plan as of June 30, 2016, and changes during the six months ended June 30, 2016, is presented below: Option Totals Weighted Average Exercise Price Per Share Outstanding as of December 31, 2015 2,008,872 $ 21.41 Granted 569,480 24.23 Exercised (371,805 ) 17.94 Forfeited (61,830 ) 25.59 Outstanding as of June 30, 2016 2,144,717 23.04 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option valuation model. Listed below are the weighted-average assumptions used for the fair value computation: Six Months Ended June 30, 2016 2015 Dividend yield (1) 0.99 % 0.80 % Expected volatility (2) 27.91 % 25.88 % Risk-free interest rate (3) 0.90 % 0.98 % Expected term (years) (4) 2.74 2.74 Weighted-average fair value of options granted $ 4.28 $ 5.00 (1) Dividend yield – the dividend yield is based on our historical experience and future expectation of dividend payouts. (2) Expected volatility – we analyzed the volatility of our stock using historical data. (3) Risk-free interest rate – the risk-free interest rate assumption is based on U.S. Treasury securities at a constant maturity with a maturity period that most closely resembles the expected term of the stock option award. (4) Expected term – the expected term of employee stock options represents the weighted-average period the stock options are expected to remain outstanding and has been determined based on an analysis of historical exercise behavior. A total of 4,350 and 13,950 restricted stock unit awards were granted during the first six months of 2016 and 2015, respectively. A summary of the restricted stock unit award activity under our equity compensation plans as of June 30, 2016, and changes during the six months ended June 30, 2016, is presented below: Number of Restricted Stock Unit Awards Weighted Average Grant Date Fair Value Unvested as of December 31, 2015 879,173 $ 16.45 Granted 4,350 26.38 Vested (154,667 ) 16.73 Forfeited (5,240 ) 16.43 Unvested as of June 30, 2016 723,616 16.45 The fair value of each restricted stock unit is based on the closing market price on the date of grant. Beginning in 2014, we issued performance restricted stock units (“PRSUs”) to selected key employees that may be earned based on revenue growth and return on assets, and may then be modified based on our total shareholder return, as defined in the instrument evidencing the grant, over a three-year period. The primary award adjustment may range from 0 percent to 150 percent of the initial grant, based upon performance achieved over the three-year period. The primary award modifier, which would multiply the adjusted primary award by 75 percent to 125 percent, is measured by determining the percentile rank of the total shareholder return, as defined in the instrument evidencing the grant, of Knight Transportation common stock in relation to the total shareholder return of a peer group for the three-year period. The final award will be based on performance achieved in accordance with the scale set forth in the plan agreement. PRSUs do not earn dividend equivalents. A total of 177,741 and 165,720 PRSUs were granted in the first six months of 2016 and 2015, respectively. A summary of the performance restricted stock unit award activity for the six months ended June 30, 2016 is presented below: Number of Performance Restricted Stock Unit Awards Weighted Average Grant Date Fair Value Unvested as of December 31, 2015 341,782 $ 26.46 Granted 177,741 23.89 Shares earned above target 2,516 23.85 Vested (5,391 ) 23.85 Cancelled (1,238 ) 23.89 Unvested as of June 30, 2016 515,410 $ 25.59 The number of granted shares, cancelled shares, and unvested shares are included in the table above based on the performance target established at the initial grant date. The performance measurement period for the awards granted in the six months ended June 30, 2016, is January 1, 2016 to December 31, 2018. These awards will vest January 31, 2020, or thirteen months following the expiration of the performance period. The fair value of each PRSU grant is estimated on the date of grant using the Monte Carlo Simulation valuation model. Listed below are the weighted-average assumptions used for the fair value computation: Six Months Ended June 30, 2016 2015 Dividend yield (1) 0.99 % 0.80 % Expected volatility (2) 27.95 % 23.18 % Average peer volatility (2) 34.37 % 30.70 % Average peer correlation coefficient (3) 0.6022 0.49 Risk-free interest rate (4) 0.89 % 0.78 % Expected term (5) 2.84 2.63 Weighted-average fair value of PRSUs granted $ 23.89 $ 29.30 (1) The dividend yield, used to project stock price to the end of the performance period, is based on our historical experience and future expectation of dividend payouts. Total shareholder return is determined assuming that dividends are reinvested in the issuing entity over the performance period, which is mathematically equivalent to utilizing a 0% dividend yield. (2) We (or peer company) estimated volatility using our (or their) historical share price performance over the remaining performance period as of the grant date. (3) The correlation coefficients are used to model the way in which each entity tends to move in relation to each other; the correlation assumptions were developed using the same stock price data as the volatility assumptions. (4) The risk-free interest rate assumption is based on U.S. Treasury securities at a constant maturity with a maturity period that most closely resembles the expected term of the performance award. (5) Since the Monte Carlo simulation valuation is an open form model that uses an expected life commensurate with the performance period, the expected life of the PRSUs was assumed to be the period from the grant date to the end of the performance period.

Note 3 - Earnings Per Share

Note 3 - Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 3. Earnings Per Share A reconciliation of the basic and diluted earnings per share computations for the three months and six months ended June 30, 2016 and 2015, respectively, is as follows (dollars in thousands except per share data): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Weighted-average common shares outstanding – basic 80,105 81,894 80,407 81,959 Dilutive effect of stock options and unvested restricted stock units 676 958 672 1,061 Weighted-average common shares outstanding – diluted 80,781 82,852 81,079 83,020 Net income attributable to Knight Transportation $ 24,675 $ 27,638 $ 47,245 $ 57,200 Basic earnings per share $ 0.31 $ 0.34 $ 0.59 $ 0.70 Diluted earnings per share $ 0.31 $ 0.33 $ 0.58 $ 0.69 Certain shares of options, restricted stock units, and PRSUs (collectively, “equity awards”) were excluded from the computation of diluted earnings per share because the equity award’s exercise prices were greater than the average market price of the common shares and the sum total of assumed proceeds resulted in fewer shares repurchased than the weighted equity awards outstanding hypothetically exercised per the treasury method. The number of anti-dilutive shares are: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Number of anti-dilutive shares 1,274,322 338,898 1,185,126 183,788

Note 4 - Segment Information

Note 4 - Segment Information	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 4. Segment Information We have two operating and reportable segments: (i) the Trucking segment comprised of three operating units (Dry Van, Refrigerated, and Drayage), and (ii) the Logistics segment comprised of two operating units (Brokerage and Intermodal). We also provide logistics, freight management and other non-trucking services through our Logistics businesses. Through our Trucking and Logistics segment capabilities, we are able to transport, or can arrange for the transportation of, general commodities for customers throughout the United States and parts of Canada and Mexico. In determining our reportable segments, we focus on financial information such as operating revenues and expenses, operating income, operating ratios, and other key operating statistics common in the industry. The chief operating decision makers also use this information to evaluate segment performance and allocate resources to our operations. Our segments provide transportation and related services for one another. Such services are billed at cost, and no profit is earned. Such intersegment revenues and expenses are eliminated in our consolidated results. The following table sets forth revenue and operating income between the Trucking and Logistics segments for the three months and six months ended June 30, 2016 and 2015 (dollars in thousands). Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 $ % $ % $ % $ % Revenues: Trucking Segment $ 226,423 81.9 $ 245,627 81.4 $ 444,379 81.0 $ 480,917 81.2 Logistics Segment 51,703 18.7 60,718 20.1 110,312 20.1 118,566 20.0 Subtotal 278,126 306,345 554,691 599,483 Intersegment Eliminations Trucking (34 ) 0.0 (60 ) 0.0 (72 ) 0.0 (78 ) 0.0 Intersegment Eliminations Logistics (1,774 ) (0.6 ) (4,463 ) (1.5 ) (6,213 ) (1.1 ) (7,302 ) (1.2 ) Total $ 276,318 100 % $ 301,822 100 % $ 548,406 100 % $ 592,103 100 % Operating Income: Trucking Segment $ 35,286 92.7 $ 37,944 91.2 $ 71,208 92.7 $ 80,091 91.1 Logistics Segment 2,795 7.3 3,675 8.8 5,600 7.3 7,831 8.9 Total $ 38,081 100 % $ 41,619 100 % $ 76,808 100 % $ 87,922 100 % No segmental asset or liability information is provided as we do not prepare balance sheets by segment, and the chief operating decision makers do not review segment assets or liabilities to make operating decisions.

Note 5 - Joint Ventures

Note 5 - Joint Ventures	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Joint Venture [Text Block]	Note 5. Joint Ventures In 2014, we formed an Arizona limited liability company, Kool Trans, LLC, for the purpose of expanding our refrigerated trucking business. In 2015, we changed the company name to Kold Trans, LLC. We are entitled to 80% of the profits of the entity and have effective control over the management of the entity. In accordance with ASC 810-10-15-8, Consolidation In 2010, we partnered with a non-related investor to form an Arizona limited liability company for the purpose of sourcing commercial vehicle parts. We contributed $26,000 to acquire 52% ownership of this entity. In accordance with ASC 810-10-15-8, Consolidation

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6. Commitments and Contingencies We are a party to certain claims and pending litigation arising in the normal course of business. These proceedings primarily involve claims for personal injury, property damage, physical damage, and cargo loss incurred in the transportation of freight or for personnel matters, as well as certain class action litigation in which plaintiffs allege failure to provide meal and rest breaks, unpaid wages, unauthorized deductions, and other items. We are insured against auto liability (“AL”) claims under a primary self-insured retention ("SIR") policy with retention ranging from $1.0 million to $3.0 million per occurrence and in some years, depending on the applicable policy year, we have been responsible for aggregate losses up to $1.5 million within the primary AL layer. For the policy periods March 1, 2016 to March 1, 2017, and March 1, 2015 to March 1, 2016, the SIR is $2.5 million with no additional aggregate limits or deductibles within the primary AL policy. We have secured excess liability coverage up to $130.0 million per occurrence for the policy period March 1, 2016 to March 1, 2017. For policy period March 1, 2015 to March 1, 2016, our excess liability coverage limit was $105.0 million per occurrence. We also carry a $2.5 million aggregate deductible for any loss or losses within the excess coverage layer. We are self-insured for workers' compensation coverage. On March 31, 2016, the self-retention level was increased from a maximum $500,000 per occurrence to a maximum $1,000,000 per occurrence. We also maintain primary and excess coverage for employee medical expenses and hospitalization, with self-insured retention of $240,000 per claimant in 2016, and $225,000 per claimant in 2015. Based on our present knowledge of the facts, and in certain cases, advice of outside counsel, management believes the resolution of open claims and pending litigation, taking into account existing reserves, is not likely to have a materially adverse effect on our consolidated financial statements.

Note 7 - Property and Equipment

Note 7 - Property and Equipment	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	Note 7 . Property and Equipment To ensure that our facilities remain modern and efficient, we periodically have facility upgrades, or new construction, in process at our various service center or corporate headquarters locations. Until these projects are completed, we consider these to be assets not yet placed in service and they are not depreciated. Once they are placed into service, we depreciate them according to our depreciation policy. At June 30, 2016 and December 31, 2015, we had approximately $9.2 million and $17.5 million, respectively, of facility construction in process assets included under "Buildings and building improvements” on the accompanying condensed consolidated balance sheets.

Note 8 - Goodwill and Intangibl

Note 8 - Goodwill and Intangibles, Net	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 8. Goodwill and Intangibles, net Goodwill represents the excess of the purchase price of our acquisitions over the fair value of the net assets acquired. The tax benefit from the recognition on the tax return of the amortization of the excess tax goodwill over book goodwill is treated as a reduction in the book basis of goodwill. The changes in the carrying amounts of goodwill were as follows (dollars in thousands): Six Months Ended June 30, 2016 Goodwill at beginning of period $ 47,050 Amortization relating to deferred tax assets (10 ) Goodwill at end of period $ 47,040 In conjunction with our acquisitions, identifiable intangible assets subject to amortization have been recorded at fair value and are being amortized over a weighted-average amortization period of 7.6 years. Intangible asset balances were as follows (dollars in thousands): June 30, 2016 December 31, 2015 Gross carrying amount $ 3,700 $ 3,700 Accumulated amortization (875 ) (625 ) Intangible assets, net $ 2,825 $ 3,075 Amortization expense associated with these intangible assets was $0.1 million and $0.3 million for the three and six months ended June 30, 2016, and 2015, respectively, and is included in “Depreciation and amortization” on the accompanying condensed consolidated statements of income. Future amortization expense for intangible assets is estimated at $0.2 million for the remainder of 2016, $0.5 million for each of the years 2017 through 2019, and $0.4 million in 2020 and 2021.

Note 9 - Investments and Relate

Note 9 - Investments and Related Commitments	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Investment [Text Block]	Note 9. Investments and Related Commitments In 2003, we signed a partnership agreement with Transportation Resource Partners ("TRP"), a company that makes privately negotiated equity investments. Per the original partnership agreement, we committed to invest $5.0 million in TRP. In 2006, we increased the commitment amount to $5.5 million. No gain or loss was recognized from TRP investment activity in the second quarter of 2016, and we recognized a net gain of $122,000 in the second quarter of 2015. The carrying value of our investment in TRP was $300,000 at June 30, 2016 and December 31, 2015. Our investment in TRP is accounted for using the cost method, and the balance is included within "Other long-term assets, restricted cash and investments" on our accompanying condensed consolidated balance sheets. In 2008, we formed Knight Capital Growth, LLC and committed $15.0 million to invest in another partnership managed and operated by the managers and principals of TRP. This partnership, Transportation Resource Partners III, LP ("TRP III"), is focused on investment opportunities similar to TRP. In 2015, TRP III released us from $2.1 million of our outstanding commitment. As of June 30, 2016, we have contributed approximately $11.0 million to TRP III, leaving an outstanding commitment of $1.9 million. Our investment in TRP III is accounted for using the equity method. For the three months ended June 30, 2016, we recorded income of approximately $453,000, for our investment in TRP III, and $121,000 for the three months ended June 30, 2015. The carrying value of our investment in TRP III was $5.5 million and $5.8 million as of June 30, 2016 and December 31, 2015, respectively, and is included within "Other long-term assets, restricted cash and investments" on our accompanying condensed consolidated balance sheets. In 2015, we committed to invest in another TRP partnership, TRP Capital Partners, LP (“TRP IV”). TRP IV is managed and operated by the managers and principals of TRP and TRP III, and is focused on similar investment opportunities. We committed to contribute a total of $4.9 million to TRP IV, and have contributed approximately $1.0 million, leaving an outstanding commitment of approximately $3.9 million as of June 30, 2016. Our investment in TRP IV is accounted for using the cost method, and the balance is included within "Other long-term assets, restricted cash, and investments" on our accompanying condensed consolidated balance sheets. In the first quarter of 2016, we committed to invest in another TRP partnership, TRP CoInvest Partners, (NTI) I, LP (“TRP Coinvestment”). The new partnership is managed and operated by the managers and principals of the other TRP partnerships, and is focused on similar investment opportunities. We committed to contribute, and have paid a total of, $10.0 million to the new partnership, leaving no outstanding commitment as of June 30, 2016. Our investment in TRP Coinvestment is accounted for using the equity method, and the carrying value at June 30, 2016 was $10.0 million and is included within "Other long-term assets, restricted cash, and investments" on our accompanying condensed consolidated balance sheets.

Note 10 - Marketable Equity Sec

Note 10 - Marketable Equity Securities	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Cash, Cash Equivalents, and Marketable Securities [Text Block]	Note 10. Marketable Equity Securities We have certain marketable equity securities classified as available-for-sale securities, which are recorded at fair value with unrealized gains and losses, net of tax, as a component of "Accumulated other comprehensive income" in shareholders' equity on the accompanying condensed consolidated balance sheets. Realized gains and losses on available-for-sale securities are included in the determination of net income. We use specific identification to determine the cost of securities sold, or amounts reclassified out of accumulated other comprehensive income into earnings and included in “Other income” on the accompanying condensed consolidated statements of income. The following table shows the Company’s realized gains during the three and six month periods ended June 30, 2016 and 2015, on certain securities that were held as available-for-sale (dollars in thousands). Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Realized gains Sales proceeds $ 2,330 $ 3,042 $ 5,183 $ 6,188 Cost of securities sold 856 849 2,114 1,649 Realized gain $ 1,474 $ 2,193 $ 3,069 $ 4,539 Realized gains, net of taxes $ 907 $ 1,344 $ 1,888 $ 2,782 As of June 30, 2016, our available-for-sale equity investments included in "Other long-term assets and restricted cash and investments" on the accompanying condensed consolidated balance sheets, was approximately $2.0 million, including gross unrealized gains of approximately $1.2 million, or $0.7 million (net of tax). As of December 31, 2015, our available-for-sale investment balance was approximately $7.1 million, including gross unrealized gains of approximately $4.2 million, or $2.6 million (net of tax).

Note 11 - Assets Held for Sale

Note 11 - Assets Held for Sale	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Other Assets Disclosure [Text Block]	Note 11. Assets Held for Sale Revenue equipment that is not utilized in continuing operations and is held for sale is classified as "Assets held for sale" on the accompanying condensed consolidated balance sheets. Assets held for sale at June 30, 2016 and December 31, 2015, totaled $21.1 million and $29.3 million, respectively. Assets held for sale are no longer subject to depreciation, and are recorded at the lower of depreciated carrying value or fair market value less selling costs. We expect to sell these assets and replace them with new assets within twelve months of being classified as "Assets held for sale."

Note 12 - Income Taxes

Note 12 - Income Taxes	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 12. Income Taxes We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. For interim reporting purposes, our income tax provisions are recorded based on the estimated annual effective tax rate. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and recent financial operations. A valuation allowance for deferred tax assets has not been deemed necessary due to our profitable operations. We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. We file federal and state income tax returns with varying statutes of limitations. The 2011 through 2015 tax years remain subject to examination by federal and state tax authorities. As of June 30, 2016, cumulative gross unrecognized tax benefits were $0.7 million. We had no unrecognized tax benefits as of December 31, 2015. All unrecognized tax benefits, if recognized, would affect the effective tax rate. With the exception of the unrecognized tax benefits discussed above, we believe that our income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change to our consolidated financial position, results of operations and cash flows. Our policy is to recognize interest and penalties related to unrecognized tax benefits as income tax expense. No interest or penalties related to unrecognized tax benefits has been recognized as of June 30, 2016 or December 31, 2015, because the Company has not yet received the refunds related to the uncertain tax benefits. None of the unrecognized tax benefits are expected to reverse in the next 12 months.

Note 13 - Company Share Repurch

Note 13 - Company Share Repurchase Programs	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Treasury Stock [Text Block]	Note 13. Company Share Repurchase Programs In 2011, our Board of Directors unanimously authorized the repurchase of 10.0 million shares of our common stock. The repurchase authorization is intended to afford flexibility to acquire shares opportunistically in future periods and does not indicate an intention to repurchase any particular number of shares within a definite timeframe. Any repurchases would be effected based upon share price and market conditions. The Company’s share repurchase program does not obligate it to acquire any specific number of shares. Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. Under the share repurchase program, we repurchased 0.4 million shares for $9.5 million in the three months ended June 30, 2016, and 1.5 million shares for $36.6 million in the six months ended June 30, 2016. We repurchased 1.0 million shares for $30.3 million in the three and six months ended June 30, 2015. As of June 30, 2016, there were 4.4 million shares remaining for future purchases under our repurchase program. The repurchase authorization will remain in effect until the share limit is reached or the program is terminated.

Note 14 - Fair Value Measuremen

Note 14 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 14. Fair Value Measurement s Our assets and liabilities measured at fair value are based on principles set forth in ASC 820-10, Fair Value Measurements and Disclosure Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 – Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability. In accordance with the fair value hierarchy described above, the following table shows the fair value of our financial assets and liabilities that are required to be measured at fair value as of June 30, 2016 and December 31, 2015 (dollars in thousands). Total Total Level One Level Two Level Three Balance at June 30, 2016 Balance at December 31, 2015 Balance at June 30, 2016 Balance at December 31, 2015 Balance at June 30, 2016 Balance at December 31, 2015 Balance at June 30, 2016 Balance at December 31, 2015 Assets: Available-for-sale securities: Equity securities - common shares $ 1,990 $ 7,101 $ 1,990 $ 7,101 - - - - Restricted cash and investments: Money market funds $ 1,045 $ 1,003 $ 1,045 $ 1,003 - - - - Trading securities: Debt securities - municipal securities $ 2,256 $ 2,279 - - $ 2,256 $ 2,279 - -

Note 15 - Notes Receivable

Note 15 - Notes Receivable	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Notes Receivable [Text Block]	Note 15. Notes Receivable We provide financing to independent contractors and third parties on equipment sold or leased under our equipment sale program. Most of the notes are collateralized and are due in weekly installments, comprised of principal and interest payments. Interest rates are set forth in the contracts and generally range from 2% to 20%. The notes receivable balances are classified separately between current and long-term on the accompanying condensed consolidated balance sheets. The current and long-term balance of our notes receivable at June 30, 2016 and December 31, 2015, are as follows (dollars in thousands): June 30, 2016 December 31, 2015 Notes receivable from independent contractors $ 974 $ 794 Notes receivable from third parties 3,275 3,546 Gross notes receivable 4,249 4,340 Allowance for doubtful notes receivable (265 ) (273 ) Total notes receivable, net of allowance 3,984 4,067 Current portion, net of allowance 549 648 Long-term portion $ 3,435 $ 3,419

Note 16 - Line of Credit

Note 16 - Line of Credit	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Long-term Debt [Text Block]	Note 16. Line of Credit We maintain a revolving line of credit which permits revolving borrowings and letters of credit. The line of credit is maintained at $300.0 million and matures December 1, 2017. Effective August 8, 2016, we entered into a modification to our line of credit agreement that extends the maturity date to August 1, 2019, and amends our minimum tangible net worth covenant to $500.0 million from $400.0 million. We incur interest on borrowings under the line of credit at the prime rate or LIBOR plus 0.625%, determined by us at the time of borrowing. We had $60.0 million outstanding under the line of credit as of June 30, 2016, compared to $112.0 million as of December 31, 2015. The weighted average variable annual percentage rate ("APR") for amounts borrowed during the six months ended June 30, 2016 was 1.05%. Borrowings under the line of credit are recorded in the "Long-term debt" line of the accompanying condensed consolidated balance sheets. As of June 30, 2016, we also utilized $27.4 million of the line of credit for letters of credit issued to various regulatory authorities in connection with our self-insurance programs. With the outstanding letters of credit and debt borrowed, we have $212.6 million available for future borrowings as of June 30, 2016. After consideration of fees incurred for the unused portion of our line of credit, our weighted average variable APR for the six months ended June 30, 2016 was 1.21%. We are obligated to comply with certain financial and other covenants under the line of credit agreement and were in compliance with such covenants at and for the three and six months ended June 30, 2016 and for the year ended December 31, 2015.

Note 17 - Recent Accounting Pro

Note 17 - Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	Note 17. Recent Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting . In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Rep orting Revenue Gross versus Net). Revenue from Contracts with Customers (Topic 606) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that companies may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. The transition guidance also provides specific guidance for sale and leaseback transactions, build-to-suit leases, leveraged leases, and amounts previously recognized in accordance with the business combinations guidance for leases. The new standard is effective for public companies for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. We are currently evaluating the effect that adopting this standard will have on our condensed consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments–Overall (Subtopic 825-10). In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers

Note 2 - Stock-based Compensa25

Note 2 - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Performance Shares [Member]
Notes Tables
Schedule of Share-based Payment Award, Equity Instruments Other than Stock Options, Valuation Assumptions [Table Text Block]	Six Months Ended June 30, 2016 2015 Dividend yield (1) 0.99 % 0.80 % Expected volatility (2) 27.95 % 23.18 % Average peer volatility (2) 34.37 % 30.70 % Average peer correlation coefficient (3) 0.6022 0.49 Risk-free interest rate (4) 0.89 % 0.78 % Expected term (5) 2.84 2.63 Weighted-average fair value of PRSUs granted $ 23.89 $ 29.30
Restricted Stock Units (RSUs) [Member]
Notes Tables
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Number of Restricted Stock Unit Awards Weighted Average Grant Date Fair Value Unvested as of December 31, 2015 879,173 $ 16.45 Granted 4,350 26.38 Vested (154,667 ) 16.73 Forfeited (5,240 ) 16.43 Unvested as of June 30, 2016 723,616 16.45
Stock Compensation Plan [Member]
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six Months Ended June 30, 2016 2015 Dividend yield (1) 0.99 % 0.80 % Expected volatility (2) 27.91 % 25.88 % Risk-free interest rate (3) 0.90 % 0.98 % Expected term (years) (4) 2.74 2.74 Weighted-average fair value of options granted $ 4.28 $ 5.00
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Stock compensation expense for options, net of forfeitures $ 513 $ 280 $ 884 $ 446 Stock compensation expense for restricted stock units and performance restricted stock units, net of forfeitures 1,288 1,167 1,697 3,154 Total stock compensation expense $ 1,801 $ 1,447 $ 2,581 $ 3,600
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Option Totals Weighted Average Exercise Price Per Share Outstanding as of December 31, 2015 2,008,872 $ 21.41 Granted 569,480 24.23 Exercised (371,805 ) 17.94 Forfeited (61,830 ) 25.59 Outstanding as of June 30, 2016 2,144,717 23.04
Share-based Compensation, Performance Shares Award Unvested Activity [Table Text Block]	Number of Performance Restricted Stock Unit Awards Weighted Average Grant Date Fair Value Unvested as of December 31, 2015 341,782 $ 26.46 Granted 177,741 23.89 Shares earned above target 2,516 23.85 Vested (5,391 ) 23.85 Cancelled (1,238 ) 23.89 Unvested as of June 30, 2016 515,410 $ 25.59

Note 3 - Earnings Per Share (Ta

Note 3 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Weighted-average common shares outstanding – basic 80,105 81,894 80,407 81,959 Dilutive effect of stock options and unvested restricted stock units 676 958 672 1,061 Weighted-average common shares outstanding – diluted 80,781 82,852 81,079 83,020 Net income attributable to Knight Transportation $ 24,675 $ 27,638 $ 47,245 $ 57,200 Basic earnings per share $ 0.31 $ 0.34 $ 0.59 $ 0.70 Diluted earnings per share $ 0.31 $ 0.33 $ 0.58 $ 0.69
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Number of anti-dilutive shares 1,274,322 338,898 1,185,126 183,788

Note 4 - Segment Information (T

Note 4 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 $ % $ % $ % $ % Revenues: Trucking Segment $ 226,423 81.9 $ 245,627 81.4 $ 444,379 81.0 $ 480,917 81.2 Logistics Segment 51,703 18.7 60,718 20.1 110,312 20.1 118,566 20.0 Subtotal 278,126 306,345 554,691 599,483 Intersegment Eliminations Trucking (34 ) 0.0 (60 ) 0.0 (72 ) 0.0 (78 ) 0.0 Intersegment Eliminations Logistics (1,774 ) (0.6 ) (4,463 ) (1.5 ) (6,213 ) (1.1 ) (7,302 ) (1.2 ) Total $ 276,318 100 % $ 301,822 100 % $ 548,406 100 % $ 592,103 100 % Operating Income: Trucking Segment $ 35,286 92.7 $ 37,944 91.2 $ 71,208 92.7 $ 80,091 91.1 Logistics Segment 2,795 7.3 3,675 8.8 5,600 7.3 7,831 8.9 Total $ 38,081 100 % $ 41,619 100 % $ 76,808 100 % $ 87,922 100 %

Note 8 - Goodwill and Intangi28

Note 8 - Goodwill and Intangibles, Net (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Goodwill [Table Text Block]	Six Months Ended June 30, 2016 Goodwill at beginning of period $ 47,050 Amortization relating to deferred tax assets (10 ) Goodwill at end of period $ 47,040
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	June 30, 2016 December 31, 2015 Gross carrying amount $ 3,700 $ 3,700 Accumulated amortization (875 ) (625 ) Intangible assets, net $ 2,825 $ 3,075

Note 10 - Marketable Equity S29

Note 10 - Marketable Equity Securities (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Realized Gain (Loss) [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Realized gains Sales proceeds $ 2,330 $ 3,042 $ 5,183 $ 6,188 Cost of securities sold 856 849 2,114 1,649 Realized gain $ 1,474 $ 2,193 $ 3,069 $ 4,539 Realized gains, net of taxes $ 907 $ 1,344 $ 1,888 $ 2,782

Note 14 - Fair Value Measurem30

Note 14 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Fair Value Measurements, Nonrecurring [Table Text Block]	Total Total Level One Level Two Level Three Balance at June 30, 2016 Balance at December 31, 2015 Balance at June 30, 2016 Balance at December 31, 2015 Balance at June 30, 2016 Balance at December 31, 2015 Balance at June 30, 2016 Balance at December 31, 2015 Assets: Available-for-sale securities: Equity securities - common shares $ 1,990 $ 7,101 $ 1,990 $ 7,101 - - - - Restricted cash and investments: Money market funds $ 1,045 $ 1,003 $ 1,045 $ 1,003 - - - - Trading securities: Debt securities - municipal securities $ 2,256 $ 2,279 - - $ 2,256 $ 2,279 - -

Note 15 - Notes Receivable (Tab

Note 15 - Notes Receivable (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	June 30, 2016 December 31, 2015 Notes receivable from independent contractors $ 974 $ 794 Notes receivable from third parties 3,275 3,546 Gross notes receivable 4,249 4,340 Allowance for doubtful notes receivable (265 ) (273 ) Total notes receivable, net of allowance 3,984 4,067 Current portion, net of allowance 549 648 Long-term portion $ 3,435 $ 3,419

Note 2 - Stock-based Compensa32

Note 2 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2014
Employee Stock Option [Member] | Weighted Average [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 328 days
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 255 days
Restricted Stock Units (RSUs) [Member] | Weighted Average [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 182 days
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	6 years 219 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 9,400
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	4,350	13,950
Performance Shares [Member] | Weighted Average [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 292 days
Performance Shares [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 219 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 8,200
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	177,741	165,720
Share-based Compensation Arrangement by Share-Based Payment Award, Payout Range, Performance Period			3 years
Share-based Compensation Arrangement by Share-Based Payment Award, Payout Range, Lower Limit			0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Payout Range, Upper Limit			150.00%
Share-based Compensation Arrangement by Share-based Payment Award, Payout Modifier Range, Lower Limit			75.00%
Share-based Compensation Arrangement by Share-based Payment Award, Payout Modifier Range, Upper Limit			125.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year 30 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 4,300
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	569,480	590,141
Proceeds from Stock Options Exercised	$ 6,710	$ 6,488

Note 2 - Stock-based Compensa33

Note 2 - Stock-based Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Employee Stock Option [Member]
Stock compensation expense	$ 513	$ 280	$ 884	$ 446
RSU and Performance Shares [Member]
Stock compensation expense	1,288	1,167	1,697	3,154
Stock compensation expense	$ 1,801	$ 1,447	$ 2,581	$ 3,600

Note 2 - Summary of Option Awar

Note 2 - Summary of Option Award Activity Under Equity Compensation Plan (Details) - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Outstanding as of December 31, 2015 (in shares)	2,008,872
Outstanding as of December 31, 2015 (in dollars per share)	$ 21.41
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	569,480	590,141
Granted (in dollars per share)	$ 24.23
Exercised (in shares)	(371,805)
Exercised (in dollars per share)	$ 17.94
Forfeited (in shares)	(61,830)
Forfeited (in dollars per share)	$ 25.59
Outstanding as of June 30, 2016 (in shares)	2,144,717
Outstanding as of June 30, 2016 (in dollars per share)	$ 23.04

Note 2 - Stock Option Fair Valu

Note 2 - Stock Option Fair Value Assumptions (Details) - Stock Compensation Plan [Member] - $ / shares		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015
Dividend yield (1)	[1]	0.99%	0.80%
Expected volatility (2)	[2]	27.91%	25.88%
Risk-free interest rate (3)	[3]	0.90%	0.98%
Expected term (years) (4)	[4]	2 years 270 days	2 years 270 days
Weighted-average fair value of options granted (in dollars per share)		$ 4.28	$ 5
[1]	Dividend yield - the dividend yield is based on our historical experience and future expectation of dividend payouts.
[2]	Expected volatility - we analyzed the volatility of our stock using historical data.
[3]	Risk-free interest rate - the risk-free interest rate assumption is based on U.S. Treasury securities at a constant maturity with a maturity period that most closely resembles the expected term of the stock option award.
[4]	Expected term - the expected term of employee stock options represents the weighted-average period the stock options are expected to remain outstanding and has been determined based on an analysis of historical exercise behavior.

Note 2 - Summary of Restricted

Note 2 - Summary of Restricted Stock Unit Award Activity under Compensation Plan (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Unvested as of December 31, 2015 (in shares)	879,173
Unvested as of December 31, 2015 (in dollars per share)	$ 16.45
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	4,350	13,950
Granted (in dollars per share)	$ 26.38
Vested (in shares)	(154,667)
Vested (in dollars per share)	$ 16.73
Forfeited (in shares)	(5,240)
Forfeited (in dollars per share)	$ 16.43
Unvested as of June 30, 2016 (in shares)	723,616
Unvested as of June 30, 2016 (in dollars per share)	$ 16.45

Note 2 - Summary of Award Activ

Note 2 - Summary of Award Activities (Details) - Performance Shares [Member] - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Unvested as of December 31, 2015 (in shares)	341,782
Unvested as of December 31, 2015 (in dollars per share)	$ 26.46
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	177,741	165,720
Granted (in dollars per share)	$ 23.89	$ 29.30
Shares earned above target (in shares)	2,516
Shares earned above target (in dollars per share)	$ 23.85
Vested (in shares)	(5,391)
Vested (in dollars per share)	$ 23.85
Forfeited (in shares)	(1,238)
Forfeited (in dollars per share)	$ 23.89
Unvested as of June 30, 2016 (in shares)	515,410
Unvested as of June 30, 2016 (in dollars per share)	$ 25.59

Note 2 - Fair Value Assumptions

Note 2 - Fair Value Assumptions, Performance Shares (Details) - Performance Shares [Member]		6 Months Ended
		Jun. 30, 2016$ / shares	Jun. 30, 2015$ / shares
Dividend yield (1)	[1]	0.99%	0.80%
Expected volatility (2)	[2]	27.95%	23.18%
Average peer volatility (2)	[2]	34.37%	30.70%
Average peer correlation coefficient (3)	[3]	0.6022	0.49
Risk-free interest rate (3)	[4]	0.89%	0.78%
Expected term (years) (4)	[5]	2 years 306 days	2 years 229 days
Granted (in dollars per share)		$ 23.89	$ 29.30
[1]	Dividend yield - the dividend yield is based on our historical experience and future expectation of dividend payouts.
[2]	We (or peer company) estimated volatility using our (or their) historical share price performance over the remaining performance period as of the grant date.
[3]	The correlation coefficients are used to model the way in which each entity tends to move in relation to each other; the correlation assumptions were developed using the same stock price data as the volatility assumptions.
[4]	The risk-free interest rate assumption is based on U.S. Treasury securities at a constant maturity with a maturity period that most closely resembles the expected term of the performance award.
[5]	Since the Monte Carlo simulation valuation is an open form model that uses an expected life commensurate with the performance period, the expected life of the PRSUs was assumed to be the period from the grant date to the end of the performance period.

Note 3 - Reconciliation of Basi

Note 3 - Reconciliation of Basic and Diluted Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Weighted-average common shares outstanding - basic (in shares)	80,105	81,894	80,407	81,959
Dilutive effect of stock options and unvested restricted stock units (in shares)	676	958	672	1,061
Weighted-average common shares outstanding - diluted (in shares)	80,781	82,852	81,079	83,020
Net income attributable to Knight Transportation	$ 24,675	$ 27,638	$ 47,245	$ 57,200
Basic earnings per share (in dollars per share)	$ 0.31	$ 0.34	$ 0.59	$ 0.70
Diluted earnings per share (in dollars per share)	$ 0.31	$ 0.33	$ 0.58	$ 0.69

Note 3 - Summary of Anti-diluti

Note 3 - Summary of Anti-dilutive Common Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Number of anti-dilutive shares (in shares)	1,274,322	338,898	1,185,126	183,788

Note 4 - Segment Information (D

Note 4 - Segment Information (Details Textual)	3 Months Ended
	Jun. 30, 2016
Trucking Segment [Member]
Number of Operating Units	3
Logistics Segment [Member]
Number of Operating Units	2
Number of Operating Segments	2

Note 4 - Revenue and Operating

Note 4 - Revenue and Operating Income Between Trucking and Logistics Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating Segments [Member] | Trucking Segment [Member]
REVENUE:
Revenues	$ 226,423	$ 245,627	$ 444,379	$ 480,917
Percentage of revenues	81.90%	81.40%	81.00%	81.20%
Operating income	$ 35,286	$ 37,944	$ 71,208	$ 80,091
Percentage of operating income	92.70%	91.20%	92.70%	91.10%
Operating Segments [Member] | Logistics Segment [Member]
REVENUE:
Revenues	$ 51,703	$ 60,718	$ 110,312	$ 118,566
Percentage of revenues	18.70%	20.10%	20.10%	20.00%
Operating income	$ 2,795	$ 3,675	$ 5,600	$ 7,831
Percentage of operating income	7.30%	8.80%	7.30%	8.90%
Operating Segments [Member]
REVENUE:
Revenues	$ 278,126	$ 306,345	$ 554,691	$ 599,483
Percentage of revenues
Intersegment Eliminations [Member] | Trucking Segment [Member]
REVENUE:
Revenues	$ (34)	$ (60)	$ (72)	$ (78)
Percentage of revenues	0.00%	0.00%	0.00%	0.00%
Intersegment Eliminations [Member] | Logistics Segment [Member]
REVENUE:
Revenues	$ (1,774)	$ (4,463)	$ (6,213)	$ (7,302)
Percentage of revenues	(0.60%)	(1.50%)	(1.10%)	(1.20%)
Revenues	$ 276,318	$ 301,822	$ 548,406	$ 592,103
Percentage of revenues	100.00%	100.00%	100.00%	100.00%
Operating income	$ 38,081	$ 41,619	$ 76,808	$ 87,922
Percentage of operating income	100.00%	100.00%	100.00%	100.00%

Note 5 - Joint Ventures (Detail

Note 5 - Joint Ventures (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2010	Oct. 31, 2015
Kool Trans, LLC [Member]
Joint Venture, Percentage of Profits Entitled to Reporting Entity		80.00%
Non-related Investor [Member]
Payments to Acquire Interest in Joint Venture	$ 26,000
Joint Venture, Ownership Interest	52.00%

Note 6 - Commitments and Cont44

Note 6 - Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015
Policy Period, March 1, 2015 to March 1, 2016 [Member]
Self Insurance Retention	$ 2,500,000
Self Insurance, Aggregate Losses	0
Excess Personal Injury and Property Damage Liability Insurance	105,000,000
Policy Period, March 1, 2016 to March 1, 2017 [Member]
Self Insurance Retention	2,500,000
Self Insurance, Aggregate Losses	0
Excess Personal Injury and Property Damage Liability Insurance	130,000,000
Minimum [Member]
Self Insurance Retention	1,000,000
Self Insurance Retention, Workers Compensation Claims per Occurrence		$ 500,000
Maximum [Member]
Self Insurance Retention	3,000,000
Self Insurance, Aggregate Losses	1,500,000
Self Insurance Retention, Workers Compensation Claims per Occurrence		$ 1,000,000
Insurance, Aggregate Deductible, Amount	2,500,000
Self Retention for Employee Medical Health	$ 240,000		$ 225,000

Note 7 - Property and Equipme45

Note 7 - Property and Equipment (Details Textual) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Building and Building Improvements, Gross [Member]
Construction in Progress, Gross	$ 9.2	$ 17.5

Note 8 - Goodwill and Intangi46

Note 8 - Goodwill and Intangibles, Net (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Amortization of Intangible Assets	$ 0.1	$ 0.1	$ 0.3	$ 0.3
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years 219 days
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	$ 0.2		0.2
Finite-Lived Intangible Assets, Amortization Expense, Year Two	0.5		0.5
Finite-Lived Intangible Assets, Amortization Expense, Year Three	0.5		0.5
Finite-Lived Intangible Assets, Amortization Expense, Year Four	0.5		0.5
Finite-Lived Intangible Assets, Amortization Expense, Year Five	0.4		0.4
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	$ 0.4		$ 0.4

Note 8 - Changes in Carrying Am

Note 8 - Changes in Carrying Amount of Goodwill (Details)	6 Months Ended
	Jun. 30, 2016USD ($)
Goodwill at beginning of period	$ 47,050,000
Amortization relating to deferred tax assets	(10,000)
Goodwill at end of period	$ 47,040,000

Note 8 - Intangible Asset (Deta

Note 8 - Intangible Asset (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Gross carrying amount	$ 3,700,000	$ 3,700,000
Accumulated amortization	(875,000)	(625,000)
Intangible assets, net	$ 2,825,000	$ 3,075,000

Note 9 - Investments and Rela49

Note 9 - Investments and Related Commitments (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2008	Dec. 31, 2006	Dec. 31, 2003
Transportation Resource Partners [Member]
Income (Loss) from Equity Method Investments	$ 0	$ 122,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures						$ 5,000,000
Amounts Committed to Invest					$ 5,500,000
Investments	300,000		$ 300,000
Transportation Resource Partners NTI [Member]
Remaining Investment Commitment	0
Amounts Committed to Invest	10,000,000
Equity Method Investments	10,000,000
Transportation Resource Partners III [Member]
Income (Loss) from Equity Method Investments	453,000	$ 121,000
Remaining Investment Commitment	1,900,000
Amounts Committed to Invest				$ 15,000,000
Investments	11,000,000
Amounts Committed to Invest, Commitment Release			2,100,000
Equity Method Investments	5,500,000		5,800,000
Transportation Resource Partners IV [Member]
Remaining Investment Commitment	3,900,000
Amounts Committed to Invest			$ 4,900,000
Payments for (Proceeds from) Investments	$ 1,000,000

Note 10 - Marketable Equity S50

Note 10 - Marketable Equity Securities (Details Textual) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Available-for-sale Securities	$ 2	$ 7.1
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	1.2	4.2
Available for Sale Securities, Accumulated Gross Unrealized Gain (Loss), Net of Tax	$ 0.7	$ 2.6

Note 10 - Realized Gains On Ava

Note 10 - Realized Gains On Available-for-sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Sales proceeds	$ 2,330	$ 3,042	$ 5,183	$ 6,188
Cost of securities sold	856	849	2,114	1,649
Realized gain	1,474	2,193	3,069	4,539
Realized gains, net of taxes	$ 907	$ 1,344	$ 1,888	$ 2,782

Note 11 - Assets Held for Sale

Note 11 - Assets Held for Sale (Details Textual) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Disposal Group, Including Discontinued Operation, Assets	$ 21.1	$ 29.3

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
State and Local Jurisdiction [Member] | Earliest Tax Year [Member]
Open Tax Year	2,011
State and Local Jurisdiction [Member] | Latest Tax Year [Member]
Open Tax Year	2,015
Unrecognized Tax Benefits	$ 700,000	$ 0
Unrecognized Tax Benefits, Income Tax Penalties Accrued	0	$ 0
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$ 0

Note 13 - Company Share Repur54

Note 13 - Company Share Repurchase Programs (Details Textual) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	May 31, 2011
Stock Repurchase Program, Number of Shares Authorized to be Repurchased					10
Treasury Stock, Shares, Acquired	0.4	1	1.5	1
Treasury Stock, Value, Acquired, Cost Method	$ 9.5	$ 30.3	$ 36.6	$ 30.3
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	4.4		4.4

Note 14 - Fair Value of Financi

Note 14 - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 1 [Member]
Equity securities - common shares	$ 1,990	$ 7,101
Money market funds	1,045	1,003
Fair Value, Inputs, Level 2 [Member]
Debt securities - municipal securities	2,256	2,279
Equity securities - common shares	1,990	7,101
Money market funds	1,045	1,003
Debt securities - municipal securities	$ 2,256	$ 2,279

Note 15 - Notes Receivable (Det

Note 15 - Notes Receivable (Details Textual)	3 Months Ended
	Jun. 30, 2016
Interest on Note Receivable, Minimum	2.00%
Interest on Note Receivable, Maximum	20.00%

Note 15 - Current and Long-term

Note 15 - Current and Long-term Balance of Notes Receivable (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Notes receivable from independent contractors	$ 974,000	$ 794,000
Notes receivable from third parties	3,275,000	3,546,000
Gross notes receivable	4,249,000	4,340,000
Allowance for doubtful notes receivable	(265,000)	(273,000)
Total notes receivable, net of allowance	3,984,000	4,067,000
Current portion, net of allowance	(549,000)	(648,000)
Long-term portion	$ 3,435,000	$ 3,419,000

Note 16 - Line of Credit (Detai

Note 16 - Line of Credit (Details Textual) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2016	Aug. 08, 2016	Aug. 07, 2016	Dec. 31, 2015
Revolving Credit Facility [Member] | Subsequent Event [Member]
Debt Covenant, Minimum Tangible Net Worth				$ 500	$ 400
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	0.625%
Revolving Credit Facility [Member] | Unused Portion Fees [Member]
Line of Credit Facility, Interest Rate During Period		1.21%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300	$ 300	$ 300
Long-term Line of Credit	60	60	$ 60			$ 112
Line of Credit Facility, Interest Rate During Period			1.05%
Letter of Credit [Member]
Long-term Line of Credit	27.4	27.4	$ 27.4
Line of Credit Facility, Remaining Borrowing Capacity	$ 212.6	$ 212.6	$ 212.6