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Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue:        
Revenue, before fuel surcharge $ 469,683 $ 256,243 $ 961,685 $ 763,684
Fuel surcharge 51,925 24,287 104,348 65,252
Total revenue 521,608 280,530 1,066,033 828,936
Operating expenses:        
Salaries, wages and benefits 154,390 82,688 316,844 250,732
Fuel 62,300 34,616 131,252 94,815
Operations and maintenance 37,267 19,781 78,516 56,886
Insurance and claims 21,117 9,251 37,982 26,330
Operating taxes and licenses 8,793 4,546 17,839 14,645
Communications 1,921 976 4,125 3,224
Depreciation and amortization of property and equipment 43,477 29,004 102,280 86,111
Amortization of intangibles 2,654 125 2,904 375
Rental expense 15,388 1,279 17,939 3,724
Purchased transportation 127,434 57,069 244,358 168,772
Impairments 16,746 0 16,746 0
Miscellaneous operating expenses, net 11,972 4,261 21,873 9,580
Merger-related costs 12,338 0 16,516 0
Total operating expenses 515,797 243,596 1,009,174 715,194
Operating income 5,811 36,934 56,859 113,742
Other income (expense):        
Interest income 370 83 559 259
Interest expense (1,812) (182) (1,948) (742)
Other (expense) income, net (1,442) 1,389 (120) 4,602
Total other (expense) income (2,884) 1,290 (1,509) 4,119
Income before income taxes 2,927 38,224 55,350 117,861
Income taxes (benefit) expense (1,272) 14,141 17,786 45,095
Net income 4,199 24,083 37,564 72,766
Net income attributable to noncontrolling interest (318) (316) (836) (1,064)
Net income attributable to Knight-Swift [1] $ 3,881 $ 23,767 $ 36,728 $ 71,702
Earnings per share:        
Basic (in dollars per share) $ 0.04 $ 0.30 $ 0.42 $ 0.89
Diluted (in dollars per share) 0.04 0.29 0.41 0.88
Dividends declared per share: (in dollars per share) $ 0.06 $ 0.06 $ 0.18 $ 0.18
Weighted average shares outstanding:        
Basic (in shares) 102,846 80,040 87,978 80,284
Diluted (in shares) 103,752 80,949 88,847 81,112
[1] early adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting during the fourth quarter of 2016. The adoption of this standard resulted in the recognition of $1.8 million of excess tax benefits to the income tax provision for the year ended December 31, 2016. Net income and shares outstanding data for the quarter ended and year-to-date September 30, 2016 are presented as if the ASU was adopted at the beginning of 2016.