PART I

FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

COVENANT TRANSPORTATION GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

	March 31, 2019			December 31, 2018
	(unaudited)			(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	31,001		$	23,127
Accounts receivable, net of allowance of $1,923 in 2019 and $1,985 in 2018		155,956			151,093
Drivers' advances and other receivables, net of allowance of $634 in 2019 and $626 in 2018		16,861			16,675
Inventory and supplies		4,125			4,067
Prepaid expenses		9,014			11,579
Assets held for sale		7,003			2,559
Income taxes receivable		1,109			1,109
Other short-term assets		976			1,435
Total current assets		226,045			211,644

Property and equipment, at cost		699,724			638,770
Less: accumulated depreciation and amortization		(199,717	)		(188,175	)
Net property and equipment		500,007			450,595

Goodwill		40,730			41,598
Other intangibles, net		31,807			32,538
Other assets, net		37,485			37,149

Total assets	$	836,074		$	773,524
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Checks outstanding in excess of bank balances	$	1,633		$	1,857
Accounts payable		26,824			22,101
Accrued expenses		33,729			49,503
Current maturities of long-term debt		31,792			28,710
Current portion of finance lease obligations		6,898			5,374
Current portion of operating lease obligations		14,622			-
Current portion of insurance and claims accrual		17,745			19,787
Total current liabilities		133,243			127,332

Long-term debt		198,052			166,635
Long-term portion of finance lease obligations		32,223			35,119
Long-term portion of operating lease obligations		25,541			-
Insurance and claims accrual		18,869			22,193
Deferred income taxes		78,407			77,467
Other long-term liabilities		2,002			1,636
Total liabilities		488,337			430,382
Commitments and contingent liabilities		-			-
Stockholders' equity:
Class A common stock, $.01 par value; 20,000,000 shares authorized; 16,075,810 shares issued and outstanding as of March 31, 2019; and 16,015,708 shares issued and outstanding as of December 31, 2018		172			171
Class B common stock, $.01 par value; 5,000,000 shares authorized; 2,350,000 shares issued and outstanding		24			24
Additional paid-in-capital		142,770			142,177
Accumulated other comprehensive (loss) income		(228	)		204
Retained earnings		204,999			200,566
Total stockholders' equity		347,737			343,142
Total liabilities and stockholders' equity	$	836,074		$	773,524

The accompanying notes are an integral part of these condensed consolidated financial statements.

Page 3

COVENANT TRANSPORTATION GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018

(In thousands, except per share data)

	Three months ended March 31, (unaudited)
	2019			2018
Revenues
Freight revenue	$	195,761		$	150,463
Fuel surcharge revenue		23,420			23,103
Total revenue	$	219,181		$	173,566

Operating expenses:
Salaries, wages, and related expenses		79,503			60,619
Fuel expense		27,832			27,181
Operations and maintenance		15,174			11,730
Revenue equipment rentals and purchased transportation		48,670			30,691
Operating taxes and licenses		3,183			2,660
Insurance and claims		11,235			8,685
Communications and utilities		1,718			1,741
General supplies and expenses		6,731			4,139
Depreciation and amortization, including gains and losses on disposition of property and equipment		19,709			19,695
Total operating expenses		213,755			167,141
Operating income		5,426			6,425
Interest expense, net		2,446			1,960
Income from equity method investment		(3,035	)		(1,490	)
Income before income taxes		6,015			5,955
Income tax expense		1,582			1,538
Net income	$	4,433		$	4,417

Income per share:
Basic and diluted income per share	$	0.24		$	0.24

Basic weighted average shares outstanding		18,381			18,331

Diluted weighted average shares outstanding		18,533			18,406

The accompanying notes are an integral part of these condensed consolidated financial statements.

Page 4

COVENANT TRANSPORTATION GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018

(In thousands)

	Three months ended March 31, (unaudited)
	2019			2018

Net income	$	4,433		$	4,417

Other comprehensive (loss) income:

Unrealized (loss) gain on effective portion of cash flow hedges, net of tax of $(164) and $295 in 2019 and 2018, respectively		(431	)		770

Reclassification of cash flow hedge losses into statement of operations, net of tax of $4 and $38 in 2019, and 2018, respectively		(11	)		(99	)

Unrealized holding gain on investments classified as available-for-sale		10			-

Total other comprehensive (loss) income		(432	)		671

Comprehensive income	$	4,001		$	5,088

The accompanying notes are an integral part of these condensed consolidated financial statements.

Page 5

COVENANT TRANSPORTATION GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018

(Unaudited and in thousands)

								Accumulated
					Additional			Other					Total
	Common Stock				Paid-In			Comprehensive			Retained		Stockholders'
	Class A		Class B		Capital			(Loss) Income			Earnings		Equity

Balances at December 31, 2017	$	171	$	24	$	137,242		$	293		$	157,471	$	295,201
Net income		-		-		-			-			4,417		4,417
Effect of adoption of ASU 2014-09		-		-		-			-			591		591
Other comprehensive income		-		-		-			671			-		671
Stock-based employee compensation expense		-		-		826			-			-		826
Issuance of restricted shares, net		-		-		(18	)		-			-		(18	)
Balances at March 31, 2018	$	171	$	24	$	138,050		$	964		$	162,479	$	301,688

Balances at December 31, 2018	$	171	$	24	$	142,177		$	204		$	200,566	$	343,142
Net income		-		-		-			-			4,433		4,433
Other comprehensive income		-		-		-			(432	)		-		(432	)
Stock-based employee compensation expense		-		-		1,262			-			-		1,262
Issuance of restricted shares, net		1		-		(669	)		-			-		(668	)
Balances at March 31, 2019	$	172	$	24	$	142,770		$	(228	)	$	204,999	$	347,737

The accompanying notes are an integral part of these condensed consolidated financial statements.

Page 6

COVENANT TRANSPORTATION GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018

(In thousands)

	Three months ended March 31, (unaudited)
	2019			2018
Cash flows from operating activities:
Net income	$	4,433		$	4,417
Adjustments to reconcile net income to net cash provided by operating activities:
Reversal of losses on accounts receivable		(32	)		(8	)
Reversal of gain on sales to equity method investee		(1	)		(160	)
Depreciation and amortization		19,851			18,614
Amortization of deferred financing fees		37			37
Deferred income tax expense		442			1,691
Income tax benefit arising from restricted share vesting and stock options exercised		668			4
Stock-based compensation expense		1,262			826
Income from equity method investment		(3,035	)		(1,490	)
(Gain) Loss on disposition of property and equipment		(143	)		1,081
Return on investment in available-for-sale securities		203			-
Changes in operating assets and liabilities:
Receivables and advances		(2,482	)		12,995
Prepaid expenses and other assets		2,759			2,327
Inventory and supplies		(58	)		(42	)
Insurance and claims accrual		(4,537	)		650
Accounts payable and accrued expenses		(10,197	)		(4,246	)
Net cash flows provided by operating activities		9,170			36,696

Cash flows from investing activities:
Acquisition of property and equipment		(37,926	)		(32,160	)
Proceeds from disposition of property and equipment		4,431			18,429
Net cash flows used by investing activities		(33,495	)		(13,731	)

Cash flows from financing activities:
Change in checks outstanding in excess of bank balances		(223	)		-
Proceeds from issuance of notes payable		19,217			29,674
Repayments of notes payable		(10,469	)		(23,784	)
Repayments of finance lease obligations		(1,373	)		(799	)
Proceeds under revolving credit facility		435,995			336,616
Repayments under revolving credit facility		(410,280	)		(341,622	)
Payment of minimum tax withholdings on stock compensation		(668	)		(18	)
Debt refinancing costs		-			(17	)
Net cash flows provided by financing activities		32,199			50

Net change in cash and cash equivalents		7,874			23,015

Cash and cash equivalents at beginning of period		23,127			15,356
Cash and cash equivalents at end of period	$	31,001		$	38,371

The accompanying notes are an integral part of these condensed consolidated financial statements.

Page 7

COVENANT TRANSPORTATION GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1.

Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements include the accounts of Covenant Transportation 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 Transportation 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-Q and Article 10 of Regulation S-X promulgated under the Securities Act of 1933. In preparing financial statements, it is necessary for management to make assumptions and estimates affecting the amounts reported in the condensed consolidated financial statements and related notes. These estimates and assumptions are developed based upon all information available. Actual results could differ from estimated amounts. In the opinion of management, the accompanying financial statements include all adjustments that are necessary for a fair presentation of the results for the interim periods presented, such adjustments being of a normal recurring nature.

Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The December 31, 2018, condensed consolidated balance sheet was derived from our audited balance sheet as of that date. Our operating results are subject to seasonal trends when measured on a quarterly basis; therefore operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. These condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2018. Results of operations in interim periods are not necessarily indicative of results to be expected for a full year.

Recent Accounting Pronouncements

Accounting Standards adopted

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, which establishes Topic 842 to replace Topic 840 regarding accounting for leases. Topic 842 requires lessees to recognize a right-of-use asset and a lease liability for most leases on the balance sheet. Leases that were previously described as capital leases are now called finance leases, and operating leases with a term of at least twelve months are now required to be recorded on the balance sheet. We adopted this standard on January 1, 2019 using the modified retrospective approach.

In July 2018, FASB issued ASU 2018-11, which provides an optional transition method allowing application of Topic 842 as of the adoption date and recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, with no restatement of comparative prior periods. We have adopted the standard using this optional transition method.

Within Topic 842, FASB has provided a number of practical expedients for applying the new lease standard in relation to leases that commenced prior to the standard's effective date. We have elected the package of practical expedients which allowed us, among other things, to carry forward the operating and capital lease classifications from Topic 840 to the new operating and finance lease classifications under Topic 842.

The adoption of this ASU resulted in the recognition of operating lease assets and liabilities totaling approximately $40.2 million, comprised of $14.6 million of current liabilities and $25.6 million of long-term operating lease obligations.

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, while depreciation for tax purposes is generally recorded using an accelerated method. Depreciation of revenue equipment is our largest item of depreciation. We have historically depreciated new tractors (excluding day cabs) over five years to salvage values of approximately 15% of their cost. We generally depreciate new trailers over seven years for refrigerated trailers and ten years for dry van trailers to salvage values of approximately 25% of their cost. We annually review the reasonableness of our estimates regarding useful lives and salvage values of our revenue equipment and other long-lived assets based upon, among other things, our experience with similar assets, conditions in the used revenue equipment market, and prevailing industry practice. Changes in the useful life or salvage value estimates, or fluctuations in market values that are not reflected in our estimates, could have a material effect on our results of operations. Gains and losses on the disposal of revenue equipment are included in depreciation expense in the consolidated statements of operations.

Page 8

Leases

At the commencement date of a new lease agreement with contractual terms longer than twelve months, we recognize a right-of-use asset and a lease liability and categorize the lease as either finance or operating. Certain lease agreements have lease and nonlease components, and we have elected to account for these components separately.

Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the term of the lease. When the rate implicit in the lease is readily determinable, this rate is used for calculating the present value of remaining lease payments; otherwise, our incremental borrowing rate is used. Right-of-use assets also include prepaid lease expenses and initial direct costs of executing the leases, which are reduced by landlord incentives. Options to extend or terminate a lease agreement are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Right-of-use assets are tested for impairment in the same manner as long-lived assets.

Right-of-use assets are included in net property and equipment. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest expense, which is recorded in interest expense, net. Operating lease right-of-use assets are amortized over the lease term on a straight-line basis, and the lease liability is measured at the present value of the remaining lease payments. Variable lease payments not included in the lease liability for mileage charges on leased revenue equipment are expensed as incurred. Operating lease costs are recognized on a straight-line basis over the term of the lease within operating expenses.

Note 2.

Income Per Share

Basic income (loss) 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 (loss) 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 no anti-dilutive shares for the three months ended March 31, 2019. There were no outstanding stock options at March 31, 2019. Income per share is the same for both Class A and Class B shares.

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
	March 31,
	2019		2018
Numerator:
Net income	$	4,433	$	4,417
Denominator:
Denominator for basic income per share – weighted-average shares		18,381		18,331
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares		152		75
Denominator for diluted income per share adjusted weighted-average shares and assumed conversions		18,533		18,406

Net income per share:
Basic and diluted income per share	$	0.24	$	0.24

Page 9

Note 3.

Segment Information

We have two reportable segments, Truckload, which is comprised of our truckload services, and Managed Freight, which provides freight brokerage and logistics services.

The Truckload segment consists of four service offerings that are aggregated because they have similar economic characteristics and meet the aggregation criteria. The four service offerings that comprise our Truckload segment are as follows: (i) Expedited, provided primarily by Covenant Transport, Inc., our historical flagship operation; (ii) Dedicated, provided by all of our operating fleets; (iii) Refrigerated, provided primarily through our Southern Refrigerated Transport, Inc. ("SRT") subsidiary; and (iv) over-the-road ("OTR"), provided primarily by our Landair Transport, Inc. subsidiary.

In addition, our Managed Freight segment has service offerings ancillary to our Truckload services, including: freight brokerage, transportation management services ("TMS"), and shuttle and switching services. The operations consist of several operating segments, which are aggregated due to similar margins and customers. Included within Managed Freight are our accounts receivable factoring and warehousing businesses, neither of which meets the quantitative or qualitative reporting thresholds individually or in the aggregate.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our 2018 Annual Report on Form 10-K. Substantially all intersegment sales prices are market based. We evaluate performance based on operating income of the respective business units.

The following table summarizes our revenue by our two reportable segments, Truckload and Managed Freight, disaggregated to the operating fleet level as used by our chief operating decision maker in making decisions regarding allocation of resources, organized first by reportable segment (i.e. Truckload and Managed Freight) and then by operating fleet for the three months ended March 31, 2019:

(in thousands)	Three Months Ended
	March 31,
	2019		2018
Total Revenues:

Truckload Segment:
Expedited	$	62,722	$	80,762
Dedicated		79,771		40,379
Refrigerated		25,605		33,407
OTR		4,562		-
Truckload Revenues		172,660		154,548

Managed Freight Segment:
Brokerage		24,307		18,093
Warehouse		8,260		-
TMS		8,370		-
Shuttle & Switching		3,736		-
Factoring		1,848		925
Managed Freight Revenues		46,521		19,018

Total	$	219,181	$	173,566

Note 4.

Income Taxes

Income tax expense in both 2019 and 2018 varies from the amount computed by applying the federal corporate income tax rates of 21% to income before income taxes, primarily due to state income taxes, net of federal income tax effect, adjusted for permanent differences, the most significant of which is the effect of the per diem pay structure for drivers. Drivers who meet the requirements to receive per diem receive non-taxable per diem pay in lieu of a portion of their taxable wages. This per diem program increases our drivers' net pay per mile, after taxes, while decreasing gross pay, before taxes. As a result, salaries, wages, and related expenses are slightly lower and our effective income tax rate is higher than the statutory rate. Generally, as pre-tax income increases, the impact of the driver per diem program on our effective tax rate decreases, because aggregate per diem pay becomes smaller in relation to pre-tax income, while in periods where earnings are at or near breakeven the impact of the per diem program on our effective tax rate is significant. Due to the partially nondeductible effect of per diem pay, our tax rate will fluctuate in future periods based on fluctuations in earnings.

Page 10

Our liability recorded for uncertain tax positions as of March 31, 2019 has increased by less than $0.1 million since December 31, 2018.

The net deferred tax liability of $78.4 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 paid. The carrying value of our deferred tax assets assumes that we will be able to generate, based on certain estimates and assumptions, sufficient future taxable income in certain tax jurisdictions to utilize these deferred tax benefits. If these estimates and related assumptions change in the future, we may be required to establish a valuation allowance against the carrying value of the deferred tax assets, which would result in additional income tax expense. On a periodic basis, we assess the need for adjustment of the valuation allowance. Based on forecasted taxable income resulting from the reversal of deferred tax liabilities, primarily generated by accelerated depreciation for tax purposes in prior periods, and tax planning strategies available to us, a valuation allowance has been established at March 31, 2019, for less than $0.1 million related to certain state net operating loss carry-forwards. If these estimates and related assumptions change in the future, we may be required to modify our valuation allowance against the carrying value of the deferred tax assets.

Note 5.

Debt

Current and long-term debt consisted of the following at March 31, 2019 and December 31, 2018:

(in thousands)	March 31, 2019						December 31, 2018
	Current			Long-Term			Current			Long-Term
Borrowings under Credit Facility	$	-		$	29,626		$	-		$	3,911
Revenue equipment installment notes; weighted average interest rate of 3.8% at March 31, 2019, and 3.7% December 31, 2018, due in monthly installments with final maturities at various dates ranging from April 2019 to July 2023, secured by related revenue equipment		30,880			145,049			27,809			139,115

Real estate notes; interest rate of 4.2% at March 31, 2019 and 4.1% at December 31, 2018 due in monthly installments with a fixed maturity at August 2035, secured by related real estate		1,059			23,494			1,048			23,763
Deferred loan costs		(147	)		(117	)		(147	)		(154	)
Total debt		31,792			198,052			28,710			166,635
Principal portion of finance lease obligations, secured by related revenue equipment		6,898			32,223			5,374			35,119
Principal portion of operating lease obligations, secured by related revenue equipment		14,622			25,541			-			-
Total debt and lease obligations	$	53,312		$	255,816		$	34,084		$	201,754

We and substantially all of our subsidiaries are parties to a Third Amended and Restated Credit Facility (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 $95.0 million revolving credit facility, with an uncommitted accordion feature that, so long as no event of default exists, allows us to request an increase in the revolving credit facility of up to $50.0 million subject to Lender acceptance of the additional funding commitment. The Credit Facility includes, within our $95.0 million revolving credit facility, a letter of credit sub facility in an aggregate amount of $95.0 million and a swing line sub facility in an aggregate amount equal to the greater of $10.0 million or 10% of the Lenders' aggregate commitments under the Credit Facility from time-to-time. The Credit Facility matures in September 2021.

Borrowings under the Credit Facility are classified as either "base rate loans" or "LIBOR 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 LIBOR plus 1.0%, plus an applicable margin ranging from 0.5% to 1.0%; while LIBOR loans accrue interest at LIBOR, plus an applicable margin ranging from 1.5% to 2.0%. The applicable rates are adjusted quarterly based on average pricing availability. The unused line fee is the product of 0.25% times the average daily amount by which the Lenders' aggregate revolving commitments under the Credit Facility exceed the outstanding principal amount of revolver loans and the aggregate undrawn amount of all outstanding letters of credit issued under the Credit Facility. The obligations under the Credit Facility are guaranteed by us and secured by a pledge of substantially all of our assets, with the notable exclusion of any real estate or revenue equipment pledged under other financing agreements, including revenue equipment installment notes and finance leases.

Page 11

Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $95.0 million, minus the sum of the stated amount of all outstanding letters of credit; or (B) the sum of (i) 85% of eligible accounts receivable, plus (ii) the lesser of (a) 85% of the appraised net orderly liquidation value of eligible revenue equipment, (b) 95% of the net book value of eligible revenue equipment, or (c) 35% of the Lenders' aggregate revolving commitments under the Credit Facility, plus (iii) the lesser of (a) $25.0 million or (b) 75% of the appraised fair market value of eligible real estate, as reduced by a periodic amortization amount. We had $29.6 million of borrowings outstanding under the Credit Facility as of March 31, 2019, undrawn letters of credit outstanding of approximately $33.4 million, and available borrowing capacity of $32.0 million. The interest rate on outstanding borrowings as of March 31, 2019, was 6.0% on $29.6 million of base rate loans and there were no outstanding LIBOR loans. Based on availability as of March 31, 2019 and 2018, there was no fixed charge coverage requirement.

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 be accelerated, and the Lenders' commitments may be terminated. If an event of default occurs under the Credit Facility and the Lenders cause or have the ability to cause all of the outstanding debt obligations under the Credit Facility to become due and payable, this could result in a default under other debt instruments that contain acceleration or cross-default provisions. The Credit Facility contains certain restrictions and covenants relating to, among other things, debt, dividends, liens, acquisitions and dispositions outside of the ordinary course of business, and affiliate transactions. Failure to comply with the covenants and restrictions set forth in the Credit Facility could result in an event of default.

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 April 2019 to July 2023. The notes contain certain requirements regarding payment, insuring of collateral, and other matters, but do not have any financial or other material covenants or events of default except certain notes totaling $146.3 million are cross-defaulted with the Credit Facility. Additional borrowings from the financial affiliates of our primary revenue equipment suppliers and other lenders are expected to be available to fund new tractors expected to be delivered in 2020, while any other property and equipment purchases, including trailers, are expected to be funded with a combination of available cash, notes, operating leases, finance leases, and/or from the Credit Facility.

In August 2015, we financed a portion of the purchase of our corporate headquarters, a maintenance facility, and certain surrounding property in Chattanooga, Tennessee by entering into a $28.0 million variable rate note with a third party lender. Concurrently with entering into the note, we entered into an interest rate swap to effectively fix the related interest rate to 4.2%.

Note 6.

Stock-Based Compensation

Our 2006 Omnibus Incentive Plan, as amended (the "Incentive Plan") governs the issuance of equity awards and other incentive compensation to management and members of the board of directors. In February 2013, the Compensation Committee re-approved, subject to stockholder re-approval, the material terms of the performance-based goals under the Incentive Plan so that certain incentive awards granted thereunder would continue to qualify as exempt "performance-based compensation" under Internal Revenue Code Section 162(m). Our stockholders re-approved the material terms of the performance-based goals under the Incentive Plan at our 2013 Annual Meeting held on May 29, 2013.

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 awards, or other equity instruments. At March 31, 2019, 50,960 of the abovementioned 1,550,000 shares were available for award under the Incentive Plan. No participant in the Incentive Plan may receive awards of any type of equity instruments in any calendar year that relates to more than 200,000 shares of our Class A common stock. No awards may be made under the Incentive Plan after March 31, 2023. To the extent available, we have issued treasury stock to satisfy all share-based incentive plans.

Included in salaries, wages, and related expenses within the condensed consolidated statements of operations for the three months ended March 31, 2019 and 2018, is stock-based compensation expense of approximately $1.3 million and $0.8 million, respectively. All stock compensation expense recorded in 2019 and 2018 relates to restricted shares, as no unvested options were outstanding during these periods.

Page 12

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 March 31, 2019, certain participants elected to forfeit receipt of an aggregate of 29,390 shares of Class A common stock at a weighted average per share price of $22.71 based on the closing price of our Class A common stock on the dates the shares vested in 2019, in lieu of the federal and state minimum statutory tax withholding requirements. We remitted $0.7 million to the proper taxing authorities in satisfaction of the employees' minimum statutory withholding requirements.

Note 7.

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 property damage incurred in connection with the transportation of freight.

We maintain insurance to cover liabilities arising from the transportation of freight for amounts in excess of certain self-insured retentions. In management's opinion, our potential exposure under pending legal proceedings is adequately provided for in the accompanying condensed consolidated financial statements.

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.

We had $33.4 million and $36.3 million of outstanding and undrawn letters of credit as of March 31, 2019 and December 31, 2018, respectively. The letters of credit are maintained primarily to support our insurance programs.

Note 8.

Leases

We finance a portion of our revenue equipment, office and terminal properties, computer and office equipment, and other equipment using leases. A number of these leases include one or more options to renew or extend the agreements beyond the expiration date or to terminate the agreement prior to the lease expiration date, and such options are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Our lease obligations do not typically include residual value guarantees or material restrictive covenants. A summary of our lease obligations at March 31, 2019 is as follows:

(dollars in thousands)	Three months ended
	March 31, 2019
Lease Cost
Finance lease cost:
Amortization of right-of-use assets			1,411
Interest on lease liabilities			227
Operating lease cost			6,182
Variable lease cost			-

Total lease cost		$	7,820

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases			1,146
Operating cash flows from operating leases			6,182
Financing cash flows from finance leases			227
Right-of-use assets obtained in exchange for new finance lease liabilities			-
Right-of-use assets obtained in exchange for new operating lease liabilities			4,146
Weighted-average remaining lease term—finance leases	3.5 years
Weighted-average remaining lease term—operating leases	3.7 years
Weighted-average discount rate—finance leases			3.0	%
Weighted-average discount rate—operating leases			4.0	%

Page 13

Right-of-use assets of $39.1 million for operating leases and $55.4 million for finance leases are included in net property and equipment in our Condensed Consolidated Balance Sheets as of March 31, 2019. Operating lease right-of-use asset amortization is included in revenue equipment rentals and purchased transportation, communication and utilities, and general supplies and expenses, depending on the underlying asset.

Our future minimum lease payments as of March 31, 2019 are summarized as follows by lease category:

(in thousands)	Operating			Finance
2019 (1)	$	12,521		$	7,987
2020		12,551			7,966
2021		8,765			8,226
2022		6,567			10,003
2023		631			6,842
Thereafter		2,397			1,330
Total minimum lease payments	$	43,432		$	42,354
Less: amount representing interest		(3,269	)		(3,233	)
Present value of minimum lease payments	$	40,163		$	39,121
Less: current portion		14,622			(6,898	)
Lease obligations, long-term	$	25,541		$	32,223

(1) Excludes the three months ended March 31, 2019

Note 9.

Equity Method Investment

We own a minority investment in Transport Enterprise Leasing, LLC ("TEL"). TEL is a tractor and trailer equipment leasing company and used equipment reseller. We have not guaranteed any of TEL's debt and have no obligation to provide funding, services, or assets. In May 2016, the operating agreement with TEL was amended to, among other things, remove the previously agreed to fixed date purchase options. TEL’s majority owners are generally restricted from transferring their interests in TEL, other than to certain permitted transferees, without our consent. We sold no tractors or trailers to TEL during the quarter ended March 31, 2019, and we sold $0.1 million to TEL during the same 2018 quarter. We received $2.4 million and $2.1 million, respectively, for providing various maintenance services, certain back-office functions, and for miscellaneous equipment. We recognized a net reversal of previously deferred gains totaling less than $0.1 million and $0.2 million for the three months ended March 31, 2019 and 2018, respectively, representing 49% of the gains on units sold to TEL less any gains previously deferred and recognized when the equipment was subsequently sold to a third party. Deferred gains, totaling $0.2 million at March 31, 2019, are being carried as a reduction in our investment in TEL. At March 31, 2019 and December 31, 2018, we had accounts receivable from TEL of $5.6 million and $7.2 million, respectively, related to cash disbursements made pursuant to our performance of certain back-office and maintenance functions on TEL’s behalf.

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 2019 net income through March 31, 2019, or $3.0 million. Our investment in TEL, totaling $29.1 million and $26.1 million, at March 31, 2019 and December 31, 2018, respectively, is included in other assets in the accompanying condensed consolidated balance sheets.

See TEL's summarized financial information below:

(in thousands)	As of March 31,		As of December 31,
	2019		2018
Current Assets	$	30,635	$	25,877
Non-current Assets		276,925		273,987
Current Liabilities		15,875		78,530
Non-current Liabilities		241,651		176,389
Total Equity	$	50,034	$	44,945

	For the three months ended		For the three months ended
	March 31, 2019		March 31, 2018
Revenue	$	27,483	$	25,141
Operating Expenses		20,000		20,624
Operating Income		7,483		4,517
Net Income	$	5,088	$	3,017

Page 14

Note 10.

Other Comprehensive Income ("OCI")

OCI is comprised of net income and other adjustments, including changes in the fair value of certain derivative financial instruments qualifying as cash flow hedges.

The following table summarizes the change in the components of our OCI balance for the periods presented (in thousands; presented net of tax):

Details about OCI Components	Amount Reclassified from OCI for the three months ended March 31, 2019			Affected Line Item in the Statement of Operations
Gains (losses) on cash flow hedges
Interest rate swap contracts	$	15		Interest expense
		(4	)	Income tax expense
	$	11		Net of tax

Note 11.

Goodwill and Other Assets

On July 3, 2018, we acquired 100% of the outstanding stock of Landair Holdings, Inc., a Tennessee corporation (“Landair”). Landair is a dedicated and for-hire truckload carrier, as well as a supplier of transportation management, warehousing and logistics inventory management services. Landair’s results have been included in the consolidated financial statements since the date of acquisition. Landair’s trucking operations’ results are reported within our Truckload segment, while Landair’s logistics operations’ results are reported within our Managed Freight segment.

The allocation of the preliminary purchase price is subject to change based on finalization of the valuation of long-lived and intangible assets and self-insurance reserves, as well as our ongoing evaluation of Landair's accounting principles for consistency with ours. The assignment of goodwill and intangible assets to our reportable segments has not been completed as of March 31, 2019. A summary of the changes in carrying amount of goodwill is as follows:

(in thousands)

Balance at December 31, 2018	$	41,598
Post-acquisition goodwill adjustments		(868	)
Balance at March 31, 2019	$	40,730

A summary of other intangible assets as of March 31, 2019 and December 31, 2018 is as follows:

(in thousands)	March 31, 2019
	Gross intangible assets			Accumulated amortization				Net intangible assets			Life (months)
Trade name		$	4,400		$	(220	)		$	4,180		180
Non-Compete agreement			1,400		$	(210	)			1,190		60
Customer relationships			28,200		$	(1,763	)			26,437		144
Total		$	34,000		$	(2,193	)		$	31,807

(in thousands)	December 31, 2018
	Gross intangible assets			Accumulated amortization				Net intangible assets			Life (months)
Trade name		$	4,400		$	(147	)		$	4,253		180
Non-Compete agreement			1,400		$	(140	)			1,260		60
Customer relationships			28,200		$	(1,175	)			27,025		144
Total		$	34,000		$	(1,462	)		$	32,538

The above intangible assets have a weighted average life of 145 months. The expected amortization of these assets for the next five successive years is as follows:

	(In thousands)
2019	$	2,192
2020		2,923
2021		2,923
2022		2,923
2023		2,783
Thereafter		18,063

Page 15

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This report contains certain statements that may be considered forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. All statements, other than statements of historical or current fact, are statements that could be deemed forward-looking statements, including without limitation: any projections of earnings, revenues, or other financial items; any statement of plans, strategies, and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; and any statements of belief and any statements of assumptions underlying any of the foregoing. In this Form 10-Q, statements relating to future reclassification of losses arising from derivative instruments and the performance of counterparties to such instruments, future impact of new accounting standards, future third-party transportation provider expenses, future tax rates, expenses, and deductions, expected freight demand and volumes, potential results of a default and testing of our fixed charge covenant under the Credit Facility or other debt agreements, expected sources of working capital and liquidity (including our mix of debt, finance leases, and operating leases as means of financing revenue equipment), expected capital expenditures, future customer relationships, expected debt reduction, future driver market conditions, expected cash flows, expected operating income and earnings per share improvements, future investments in and growth of our segments and services, future trucking capacity, future rates and prices, future utilization, future depreciation and amortization, future salaries, wages, and related expenses, including driver compensation and management bonuses, expected net fuel costs, strategies for managing fuel costs, the effectiveness and impact of, and cash flows relating to, our fuel hedging contracts and fuel surcharge programs, future fluctuations in operations and maintenance expenses, future fleet size and management, the market value of used equipment, including equipment subject to operating or finance leases relative to our payment obligations under such operating leases (including residual value guarantees and the proceeds from the sale thereof), our internal control remediation plan, the anticipated impact of our investment in TEL and anticipated levels of and fluctuations relating to insurance, claims, and litigation expenses, among others, are forward-looking statements. Forward-looking statements may be identified by the use of terms or phrases such as "believe," "may," "could," "expects," "estimates," "projects," "anticipates," "plans," "intends," and similar terms and phrases. Such statements are based on currently available operating, financial, and competitive information. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section entitled "Item 1A. Risk Factors," set forth in our Form 10-K for the year ended December 31, 2018. Readers should review and consider the factors discussed in "Item 1A. Risk Factors," set forth in our Form 10-K for the year ended December 31, 2018, along with various disclosures in our press releases, stockholder reports, and other filings with the Securities and Exchange Commission.

All such forward-looking statements speak only as of the date of this Form 10-Q. You are cautioned not to place undue reliance on such forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in the events, conditions, or circumstances on which any such statement is based.

Executive Overview

Our earnings per share for the first quarter were comparable to the 2018 quarter despite a significantly weaker freight environment. The Landair acquisition in July 2018, the growth of our other dedicated and brokerage business, and improved profitability from our factoring business and our minority investment in TEL more than offset the impact of lower revenue per tractor and higher operating costs. Although we are not satisfied with our first quarter financial results, we believe they reflect less impact from the reduced freight demand than in historical periods, as our growing dedicated and more contractually guaranteed service offerings generated approximately double-digit operating margins while our more seasonal and cyclical service offerings generated low single digit to negative operating margins. We attribute the consolidated improvement to our ongoing strategy of becoming increasingly embedded in our customers’ supply chains to reduce the cyclicality of our business.

Page 16

The main positives in the first quarter were 1) improvement in the operating income and operating margin at our Managed Freight segment, including successful integration of Landair’s warehousing and transportation management service offerings, 2) the organic growth of our freight brokerage service offering as compared to the first quarter of 2018, and 3) improved year-over-year earnings contributed from our investment in TEL. The main negatives in the quarter were 1) the operating margin declines of our expedited and solo refrigerated service offerings, 2) an approximate 6.1% decrease in average freight revenue per tractor for our Truckload segment, excluding Landair’s truckload operations versus the first quarter of 2018, 3) increased Truckload operating costs on a per mile basis, most notably the unfavorable employee wages and casualty insurance claims costs, partially offset by improved net depreciation expense, and 4) the $23.2 million quarterly increase in our total net indebtedness primarily related to the growth of receivables purchased by our factoring division during the first quarter of 2019.

Additional items of note for the first quarter of 2019 include the following:

	●	Total revenue of $219.2 million, an increase of 26.3% compared with the first quarter of 2018, and freight revenue of $195.8 million (which excludes revenue from fuel surcharges), an increase of 30.1% compared with the first quarter of 2018;

	●	Operating income of $5.4 million, compared with operating income of $6.4 million in the first quarter of 2018;

	●	Net income of $4.4 million, or $0.24 per basic and diluted share, compared with net income of $4.4 million, or $0.24 per basic and diluted share, in the first quarter of 2018;

	●	With available borrowing capacity of $32.0 million under our Credit Facility as of March 31, 2019, we do not expect to be required to test our fixed charge covenant in the foreseeable future;

	●	Our Managed Freight segment’s total revenue increased to $46.6 million in the 2019 quarter from $19.0 million in the 2018 quarter and operating income increased to $4.2 million in the 2019 quarter from $1.1 million in the 2018 quarter;

	●	Our equity investment in TEL provided $3.0 million of pre-tax earnings compared to $1.5 million in the first quarter of 2018;

	●	Since December 31, 2018, total net indebtedness increased by $23.2 million to $279.0 million; and

	●	Stockholders' equity and tangible book value at March 31, 2019, were $347.7 million, or $14.94 per basic share.

We intend to continue executing our strategic plan of becoming increasingly embedded in our customers’ supply chains by growing our Managed Freight segment and the portions of our Truckload segment with more predictable long-term contracts. Based on the current freight market and normal seasonal patterns, we expect second quarter 2019 adjusted earnings per diluted share to be fairly consistent with the prior year quarter, based on the favorable impact of earnings contribution from Landair’s service offerings, partially offset by the unfavorable impact of the slower freight market in general.

In addition to operating ratio, we use "adjusted operating ratio" as a key measure of profitability. Adjusted operating ratio is not a substitute for operating ratio measured in accordance with GAAP. There are limitations to using non-GAAP financial measures. Adjusted operating ratio means operating expenses, net of fuel surcharge revenue and amortization of intangibles, expressed as a percentage of revenue, excluding fuel surcharge revenue. We believe the use of adjusted operating ratio allows us to more effectively compare periods, while excluding the potentially volatile effect of changes in fuel prices. Our Board and management focus on our adjusted operating ratio as an indicator of our performance from period to period. We believe our presentation of adjusted operating ratio is useful because it provides investors and securities analysts the same information that we use internally to assess our core operating performance. Although we believe that adjusted operating ratio improves comparability in analyzing our period-to-period performance, it could limit comparability to other companies in our industry, if those companies define adjusted operating ratio differently. Because of these limitations, adjusted operating ratio should not be considered a measure of income generated by our business or discretionary cash available to us to invest in the growth of our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis.

Page 17

Operating Ratio

	Three months ended March 31,
GAAP Operating Ratio:	2019			OR %			2018			OR %
Total revenue	$	219,181					$	173,566
Total operating expenses		213,755			97.5	%		167,141			96.3	%
Operating income	$	5,426					$	6,425

Adjusted Operating Ratio:		2019		Adj. OR %				2018		Adj. OR %
Total revenue	$	219,181					$	173,566
Fuel surcharge revenue		(23,420	)					(23,103	)
Freight revenue (total revenue, excluding fuel surcharge)		195,761						150,463

Total operating expenses		213,755						167,141
Adjusted for:
Fuel surcharge revenue		(23,420	)					(23,103	)
Amortization of intangibles⁽¹⁾		(731	)					-
Adjusted operating expenses		189,604			96.9	%		144,038			95.7	%
Adjusted operating income	$	6,157					$	6,425

(1)	“Amortization of intangibles” reflects the non-cash amortization expense relating to intangible assets identified in the July 2018 acquisition of Landair.

Revenue and Expenses

We focus on targeted markets throughout the United States where we believe our service standards can provide a competitive advantage. We are a major carrier for transportation companies such as parcel freight forwarders, less-than-truckload carriers, and third-party logistics providers that require a high level of service to support their businesses, as well as for traditional truckload customers such as manufacturers, retailers, and food and beverage shippers. Our four service offerings within the Truckload segment are primarily truckload based and as such we generally dedicate an entire trailer to one customer from origin to destination. We also generate revenue through providing ancillary services, including freight brokerage and logistics services, warehousing, and accounts receivable factoring.

We have two reportable segments, our truckload services ("Truckload") and freight brokerage, transportation management services, and shuttle and switching services (“Managed Freight”).

In our Truckload segment, we primarily generate revenue by transporting freight for our customers. Generally, we are paid a predetermined rate per mile for our truckload services. We enhance our truckload revenue by charging for tractor and trailer detention, loading and unloading activities, and other specialized services, as well as through the collection of fuel surcharges to mitigate the impact of increases in the cost of fuel. The main factors that could affect our Truckload revenue are the revenue per mile we receive from our customers, the percentage of miles for which we are compensated, and the number of shipments and miles we generate. These factors relate, among other things, to the general level of economic activity in the United States, inventory levels, specific customer demand, the level of capacity in the trucking industry, and driver availability.

Our Truckload segment also derives revenue from fuel surcharges, loading and unloading activities, equipment detention, and other accessorial services. We measure revenue before fuel surcharges, or "freight revenue," because we believe that fuel surcharges tend to be a volatile source of revenue. We believe the exclusion of fuel surcharges affords a more consistent basis for comparing the results of operations from period-to-period. Nonetheless, freight revenue represents a non-GAAP financial measure. Accordingly, undue reliance should not be placed on the discussion of freight revenue, and discussions of freight revenue should be considered in combination with discussions of total revenue. For each expense item discussed below, we have provided a table setting forth the relevant expense first as a percentage of total revenue, and then as a percentage of freight revenue.

Page 18

The main expenses that impact the profitability of our Truckload segment are the variable costs of transporting freight for our customers. These costs include fuel expenses, driver-related expenses, such as wages, benefits, training, and recruitment, and purchased transportation expenses, which primarily include compensating independent contractors. Expenses that have both fixed and variable components include maintenance and tire expense and our total cost of insurance and claims. These expenses generally vary with the miles we travel, but also have a controllable component based on safety, self-insured retention versus insurance premiums, fleet age, efficiency, and other factors. Our main fixed costs include rentals and depreciation of long-term assets, such as revenue equipment and terminal facilities, and the compensation of non-driver personnel.

Our main measures of profitability are operating ratio and adjusted operating ratio, which we define as operating expenses, net of fuel surcharge revenue, divided by total revenue, less fuel surcharge revenue and amortization of intangibles, or freight revenue. See page 20 for the uses and limitations associated with adjusted operating ratio.

We operate tractors driven by a single driver and also tractors assigned to two-person driver teams. Our single driver tractors generally operate in shorter lengths-of-haul, generate fewer miles per tractor, and experience more non-revenue miles, but the lower productive miles are expected to be offset by generally higher revenue per loaded mile and the reduced employee expense of compensating only one driver. In contrast, our two-person driver tractors generally operate in longer lengths-of-haul, generate greater miles per tractor, and experience fewer non-revenue miles, but we typically receive lower revenue per loaded mile and incur higher employee expenses of compensating both drivers. We expect operating statistics and expenses to shift with the mix of single and team operations.

Managed Freight is comprised primarily of freight brokerage, transportation management services ("TMS"), and shuttle and switching services. Included in Managed Freight are our warehousing, shuttle and switching, and accounts receivable factoring businesses, which do not meet the aggregation criteria, but only accounted for $8.3 million, $3.7 million, and $1.8 million of our revenue, respectively, during the period ended March 31, 2019.

Revenue Equipment

At March 31, 2019, we operated 3,103 tractors and 7,074 trailers. Of such tractors, 2,253 were owned, 524 were financed under operating leases, and 315 were provided by independent contractors, who provide and drive their own tractors. Of such trailers, 5,453 were owned, none were financed under operating leases, and 1,621 were financed under finance type leases. We finance a small portion of our tractor fleet and larger portion of our trailer fleet with operating leases, which generally run for a period of three to five years for tractors and five to seven years for trailers. At March 31, 2019, our fleet had an average tractor age of 2.3 years and an average trailer age of 3.9 years.

Independent contractors provide a tractor and a driver and are responsible for all operating expenses in exchange for a fixed payment per mile. We do not have the capital outlay of purchasing or leasing the tractor. The payments to independent contractors and the financing of equipment under operating leases are recorded in revenue equipment rentals and purchased transportation. Expenses associated with owned equipment, such as interest and depreciation, and expenses associated with employee drivers, including driver compensation, fuel, and other expenses, are not incurred with respect to independent contractors. Obtaining equipment from independent contractors and under operating leases effectively shifts financing expenses from interest to "above the line" operating expenses, and as such, we evaluate our efficiency using net margin as well as operating ratio.

Page 19

RESULTS OF CONSOLIDATED OPERATIONS

COMPARISON OF THREE MONTHS ENDED MARCH 31, 2019 TO THREE MONTHS ENDED MARCH 31, 2018

The following tables set forth the percentage relationship of certain items to total revenue and freight revenue (total revenue less fuel surcharge revenue) for the periods indicated, where applicable (dollars in thousands):

Revenue

	Three months ended March 31,
	2019		2018
Revenue:
Freight revenue	$	195,761	$	150,463
Fuel surcharge revenue		23,420		23,103
Total revenue	$	219,181	$	173,566

For the quarter ended March 31, 2019, total revenue increased approximately $45.6 million, or 26.3%, to $219.2 million from $173.6 million in the 2018 quarter. Freight revenue increased approximately $45.3 million, or 30.1%, to $195.8 million for the quarter ended March 31, 2019, from $150.5 million in the 2018 quarter, while fuel surcharge revenue increased $0.3 million quarter-over-quarter. The increase in freight revenue resulted from a $27.5 million increase in freight revenue from our Managed Freight segment and a $18.1 million increase in freight revenue from our Truckload segment.

Managed Freight revenue increased $27.5 million quarter-over-quarter, primarily as a result of Landair’s contribution of $20.4 million to combined Managed Freight operations, in addition to growth with existing customers and our focus on growing the offerings within this segment.

The $18.1 million increase in Truckload revenue relates to a 560 (or 21.9%) average tractor increase, offset by a 6.7% decrease in average freight revenue per tractor per week from the 2018 quarter. Landair contributed $22.7 million of freight revenue to consolidated Truckload operations for the quarter ended March 31, 2019, and the July 2018 Landair acquisition was primarily responsible for the increase in average tractors. The decrease in average freight revenue per tractor per week for the quarter ended March 31, 2019 is the result of a 12.5% decrease in average miles per unit, partially offset by an 11.6 cents per mile (or 6.6%) increase in average rate per total mile compared to the 2018 quarter. Team-driven trucks decreased to an average of 863 teams in the first quarter of 2019, a decrease of approximately 3.5% from the average of 894 teams in the first quarter of 2018.

For comparison purposes in the discussion below, we use total revenue and freight revenue (total revenue less fuel surcharge revenue) when discussing changes as a percentage of revenue. As it relates to the comparison of expenses to freight revenue, we believe removing fuel surcharge revenue, which is sometimes a volatile source of revenue, affords a more consistent basis for comparing the results of operations from period-to-period. Nonetheless, freight revenue represents a non-GAAP financial measure. Accordingly, undue reliance should not be placed on the discussion of freight revenue, and discussions of freight revenue should be considered in combination with discussions of total revenue. For each expense item discussed below, we have provided a table setting forth the relevant expense first as a percentage of total revenue, and then as a percentage of freight revenue.

Salaries, wages, and related expenses

	Three months ended March 31,
	2019				2018
Salaries, wages, and related expenses		$	79,503			$	60,619
% of total revenue			36.3	%			34.9	%
% of freight revenue			40.6	%			40.3	%

Salaries, wages, and related expenses increased approximately $18.9 million, or 31.2%, for the three months ended March 31, 2019, compared with the same quarter in 2018. As a percentage of total revenue, salaries, wages, and related expenses increased to 36.3% of total revenue for the three months ended March 31, 2019, from 34.9% in the same quarter in 2018. As a percentage of freight revenue, salaries, wages, and related expenses increased to 40.6% of freight revenue for the three months ended March 31, 2019, from 40.3% in the same quarter in 2018. These increases are primarily due to increased headcount from the Landair acquisition, as well as driver and non-driver pay increases since the first quarter of 2018.

Page 20

When compared to periods prior to the Landair acquisition, we expect salaries, wages and related expenses will be higher as a result of the increased headcount resulting from the Landair acquisition. We believe salaries, wages, and related expenses will increase going forward as a result of a tight driver market, which continues to offer significant challenges, wage inflation, higher healthcare costs, and, in certain periods, increased incentive compensation due to better performance. In particular, we expect driver pay to increase as we look to reduce the number of unseated tractors in our fleet in a tight market for drivers. Future changes to driver compensation will be impacted based on future trends in freight rates. Salaries, wages, and related expenses will fluctuate to some extent based on the percentage of revenue generated by independent contractors and our Managed Freight segment, for which payments are reflected in the purchased transportation line item.

Fuel expense

	Three months ended March 31,
	2019				2018
Fuel expense		$	27,832			$	27,181
% of total revenue			12.7	%			15.7	%

We receive a fuel surcharge on our loaded miles from most shippers; however, this does not cover the entire increase in fuel prices for several reasons, including the following: surcharges cover only loaded miles we operate; surcharges do not cover miles driven out-of-route by our drivers; and surcharges typically do not cover refrigeration unit fuel usage or fuel burned by tractors while idling. Moreover, most of our business relating to shipments obtained from freight brokers does not carry a fuel surcharge. Finally, fuel surcharges vary in the percentage of reimbursement offered, and not all surcharges fully compensate for fuel price increases even on loaded miles.

The rate of fuel price changes also can have an impact on results. Most fuel surcharges are based on the average fuel price as published by the Department of Energy (“DOE”) for the week prior to the shipment, meaning we typically bill customers in the current week based on the previous week's applicable index. Therefore, in times of increasing fuel prices, we do not recover as much as we are currently paying for fuel. In periods of declining prices, the opposite is true. Ultra low sulfur diesel prices as measured by the DOE remained relatively flat in the first quarter of 2019 compared with the same quarter in 2018, at $3.02 per gallon.

To measure the effectiveness of our fuel surcharge program, we subtract fuel surcharge revenue (other than the fuel surcharge revenue we reimburse to independent contractors and other third parties which is included in purchased transportation) from our fuel expense. The result is referred to as net fuel expense. Our net fuel expense as a percentage of freight revenue is affected by the cost of diesel fuel net of fuel surcharge revenue, the percentage of miles driven by company tractors, our fuel economy, our percentage of deadhead miles, for which we do not receive material fuel surcharge revenues, and the net impact of fuel hedging gains and losses. Net fuel expense is shown below:

	Three months ended March 31,
	2019			2018
Total fuel surcharge	$	23,420		$	23,103
Less: Fuel surcharge revenue reimbursed to independent contractors and other third parties		2,942			2,595
Company fuel surcharge revenue	$	20,478		$	20,508
Total fuel expense	$	27,832		$	27,181
Less: Company fuel surcharge revenue		20,478			20,508
Net fuel expense	$	7,354		$	6,673
% of freight revenue		3.8	%		4.4	%

Total fuel expense increased approximately $0.7 million, or 2.4%, for the three months ended March 31, 2019, compared with the same quarter in 2018. As a percentage of total revenue, total fuel expense decreased to 12.7% of total revenue for the three months ended March 31, 2019, from 15.7% in the same quarter in 2018. As a percentage of freight revenue, total fuel expense decreased to 14.2% of freight revenue for the three months ended March 31, 2019, as compared to 18.1% for the 2018 quarter. These changes in total fuel expense as a percentage of total revenue for the quarter ended March 31, 2019 are primarily due the aforementioned increases in average rate per total mile, as the average price per gallon of ultra-low sulfur diesel as measured by the DOE remained relatively flat.

Page 21

Net fuel expense increased $0.7 million, or 10.2%, for the three months ended March 31, 2019, as compared to the same 2018 quarter. As a percentage of freight revenue, net fuel expense decreased to 3.8% for the three months ended March 31, 2019, as compared to 4.4% for the 2018 quarter. The change in net fuel expense is primarily due to a greater percentage of miles driven by independent contractors, where we pay a rate that reflects then-existing fuel prices and we do not have the natural hedge created by fuel surcharge. The increases were partially offset by brokering less freight and the tiered reimbursement structure of certain fuel surcharge agreements.

We expect to continue managing our idle time and tractor speeds, investing in more fuel-efficient tractors to improve our miles per gallon, locking in fuel hedges when deemed appropriate, and partnering with customers to adjust fuel surcharge programs that are inadequate to recover a fair portion of fuel costs. Going forward, our net fuel expense is expected to fluctuate as a percentage of revenue based on factors such as diesel fuel prices, percentage recovered from fuel surcharge programs, percentage of uncompensated miles, percentage of revenue generated by team-driven tractors (which tend to generate higher miles and lower revenue per mile, thus proportionately more fuel cost as a percentage of revenue), percentage of revenue generated by refrigerated operation (which uses diesel fuel for refrigeration, but usually does not recover fuel surcharges on refrigeration fuel), percentage of revenue generated from independent contractors, and the success of fuel efficiency initiatives.

Given recent historical lows, we would expect diesel fuel prices to increase over the next few years. However, we expect to continue to experience improved fuel economy as we upgrade our tractor fleet, and while our fuel surcharge recovery has remained relatively flat, the possibility of further improvement exists if efforts to grow our dedicated business are successful.

Operations and maintenance

	Three months ended March 31,
	2019				2018
Operations and maintenance		$	15,174			$	11,730
% of total revenue			6.9	%			6.8	%
% of freight revenue			7.8	%			7.8	%

For the periods presented, the changes in operations and maintenance were not significant as either a percentage of total revenue or freight revenue.

Going forward, we believe this category will fluctuate based on several factors, including expected upgrades to Landair’s fleet, our continued ability to maintain a relatively young fleet in our other operating companies, accident severity and frequency, weather, and the reliability of new and untested revenue equipment models.

Revenue equipment rentals and purchased transportation

	Three months ended March 31,
	2019				2018
Revenue equipment rentals and purchased transportation		$	48,670			$	30,691
% of total revenue			22.2	%			17.7	%
% of freight revenue			24.9	%			20.4	%

Revenue equipment rentals and purchased transportation increased approximately $18.0 million, or 58.6%, for the three months ended March 31, 2019, compared with the same quarter in 2018. As a percentage of total revenue, revenue equipment rentals and purchased transportation increased to 22.2% of total revenue for the three months ended March 31, 2019, from 17.7% in the same quarter in 2018. As a percentage of freight revenue, revenue equipment rentals and purchased transportation increased to 24.9% of freight revenue for the three months ended March 31, 2019, from 20.4% in the same quarter in 2018. These increases were primarily the result of the acquisition of Landair's managed freight business, which added to overall purchased transportation cost but at a lower percentage than the historic business. Additionally, we experienced increases due to a more competitive market for sourcing third-party capacity in our existing Managed Freight segment. Additionally, the percentage of the total miles run by independent contractors increased from 11.0% for the 2018 quarter to 12.6% for the 2019 quarter. We expect revenue equipment rentals to decrease going forward as a result of our increase in acquisition of revenue equipment through finance leases rather than operating leases, particularly as we transition Landair from operating leases to owned equipment. As discussed below, this decrease may be partially or fully offset by an increase in purchased transportation, as we expect to continue to grow our Managed Freight segment, as well as a result of reduced capacity.

Page 22

We expect purchased transportation to increase as we seek to grow our Managed Freight segment. In addition, if fuel prices increase, it would result in a further increase in what we pay third party carriers and independent contractors. However, this expense category will fluctuate with the number and percentage of loads hauled by independent contractors, loads handled by Managed Freight, and tractors, trailers, and other assets financed with operating leases. In addition, factors such as the cost to obtain third party transportation services and the amount of fuel surcharge revenue passed through to the third party carriers and independent contractors will affect this expense category. If industry-wide trucking capacity were to tighten in relation to freight demand, we may need to increase the amounts we pay to third-party transportation providers and independent contractors, which could increase this expense category on an absolute basis and as a percentage of freight revenue absent an offsetting increase in revenue. We continue to actively recruit independent contractors and, if we are successful, we would expect this line item to increase as a percentage of revenue.

Operating taxes and licenses

	Three months ended March 31,
	2019				2018
Operating taxes and licenses		$	3,183			$	2,660
% of total revenue			1.5	%			1.5	%
% of freight revenue			1.6	%			1.8	%

For the periods presented, the changes in operating taxes and licenses were not significant as either a percentage of total revenue or freight revenue.

Insurance and claims

	Three months ended March 31,
	2019				2018
Insurance and claims		$	11,235			$	8,685
% of total revenue			5.1	%			5.0	%
% of freight revenue			5.7	%			5.8	%

Insurance and claims, consisting primarily of premiums and deductible amounts for liability, physical damage, and cargo damage insurance and claims, increased approximately $2.6 million, or 29.4% for the three months ended March 31, 2019, compared with the same quarter in 2018. As a percentage of total revenue, insurance and claims increased to 5.1% of total revenue for the three months ended March 31, 2019, from 5.0% in the same quarter in 2018. As a percentage of freight revenue, insurance and claims decreased to 5.7% of freight revenue for the three months ended March 31, 2019, from 5.8% in the same quarter in 2018. Insurance and claims per mile cost increased to 13.9 cents per mile in the first quarter of 2019 from 11.6 cents per mile in the first quarter of 2018. The per mile increase is primarily the result of development on prior period claims during the three months ended March 31, 2019, partially offset by decreased frequency of accidents, compared to the same 2018 period. Our rate of chargeable accidents per million miles, as measured by the U.S. Department of Transportation, decreased by 13.0% in 2019, compared to the 2018 period.

Our auto liability (personal injury and property damage), cargo, and general liability insurance programs include significant self-insured retention amounts. We are also self-insured for physical damage to our equipment. Because of these significant self-insured exposures, insurance and claims expense may fluctuate significantly from period-to-period. Any increase in frequency or severity of claims, or any increases to then-existing reserves, could adversely affect our financial condition and results of operations. We periodically evaluate strategies to efficiently reduce our insurance and claims expense. The auto liability policy contains a feature whereby we are able to retroactively obtain a partial refund of the premium in exchange for taking on the liability for incidents that occurred during the period and releasing the insurers. This is referred to as "commuting" the policy or "policy commutation." In several past periods we have commuted the policy, which has lowered our insurance and claims expense. We intend to evaluate our ability to commute the current policy and any such commutation could significantly impact insurance and claims expense. Our prior auto liability policy that ran from October 1, 2014 through March 31, 2018, included a commutation provision if we were to commute the policy for the entire 42 months. Based on claims paid to date, the policy premium release refund could range from zero to $4.9 million, depending on actual claims settlements in the future. Effective April 2018, we entered into new auto liability policies with a three-year term. The policy includes a limit for a single loss of $9.0 million, an aggregate of $18.0 million for each policy year, and a $30.0 million aggregate for the 36 month term ended March 31, 2021. The policy includes a policy release premium refund or commutation option of up to $14.0 million, less any future amounts paid on claims by the insurer. A decision with respect to commutation of the policy could be made before April 1, 2021. Management cannot predict whether or not future claims or the development of existing claims will justify a commutation of either policy period, and accordingly, no related amounts were recorded at March 31, 2019.

Page 23

Communications and utilities

	Three months ended March 31,
	2019				2018
Communications and utilities		$	1,718			$	1,741
% of total revenue			0.8	%			1.0	%
% of freight revenue			0.9	%			1.2	%

For the periods presented, the changes in communications and utilities were not significant as either a percentage of total revenue or freight revenue.

General supplies and expenses

	Three months ended March 31,
	2019				2018
General supplies and expenses		$	6,731			$	4,139
% of total revenue			3.1	%			2.4	%
% of freight revenue			3.4	%			2.8	%

General supplies and expenses increased approximately $2.6 million, or 62.6%, for the three months ended March 31, 2019, compared with the same quarter in 2018. As a percentage of total revenue, general supplies and expenses increased to 3.1% of total revenue for the three months ended March 31, 2019, from 2.4% in the same quarter in 2018. As a percentage of freight revenue, general supplies and expenses increased to 3.4% of freight revenue for the three months ended March 31, 2019, from 2.8% in the same quarter in 2018. These increases primarily relate to the acquisition of Landair, which contributed $1.8 million to general supplies and expenses during the 2019 quarter. We expect general supplies and expenses to continue at approximately the first quarter 2019 level, with year-over-year changes moderating in the third quarter of 2019 and thereafter, since Landair was acquired in July 2018.

Depreciation and amortization

	Three months ended March 31,
	2019				2018
Depreciation and amortization		$	19,709			$	19,695
% of total revenue			9.0	%			11.3	%
% of freight revenue			10.1	%			13.1	%

Depreciation and amortization consists primarily of depreciation of tractors, trailers, and other capital assets offset or increased, as applicable, by gains or losses on dispositions of capital assets, as well as amortization of intangible assets. Depreciation and amortization increased by less than $0.1 million, or 0.1%, for the three months ended March 31, 2019, compared with the same quarter in 2018. As a percentage of total revenue, depreciation and amortization decreased to 9.0% of total revenue for the three months ended March 31, 2019, from 11.3% in the same quarter in 2018. As a percentage of freight revenue, depreciation and amortization decreased to 10.1% of freight revenue for the three months ended March 31, 2019, from 13.1% in the same quarter in 2018. Excluding gains and losses, depreciation increased $0.5 million to $19.1 million for the 2019 period, compared to $18.6 million in 2018. Gains on the sale of property and equipment were $0.1 million in the 2019 quarter, compared to losses of $1.1 million in the 2018 quarter. Amortization of intangible assets increased to $0.7 million for the three months ended March 31, 2019, compared to zero in the 2018 period, due to the Landair acquisition.

We expect depreciation and amortization, including amortization of intangible assets, to remain relatively consistent going forward. However, if the used tractor market were to decline, we could have to adjust residual values and increase depreciation or experience increased losses on sale.

Interest expense, net

	Three months ended March 31,
	2019				2018
Interest expense, net		$	2,446			$	1,960
% of total revenue			1.1	%			1.1	%
% of freight revenue			1.2	%			1.3	%

Page 24

For the periods presented, the changes in interest expense, net were not significant as either a percentage of total revenue or freight revenue.

This line item will fluctuate based on our decision with respect to purchasing revenue equipment with debt versus operating leases, as well as our ability to continue to generate profitable results and reduce our leverage. Going forward, we expect this line item to decrease if we are able to reduce our debt as planned.

Income from equity method investment

	Three months ended March 31,
	2019			2018
Income from equity method investment		$	3,035		$	1,490

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 net income. For the three months ended March 31, 2019, the increase in TEL's contributions to our results is primarily due to growth in TEL’s lease offerings, as well as improvements in the used tractor market compared to the same 2018 quarter. We expect the impact on our earnings resulting from our investment in TEL to improve year-over-year, based on the fixed nature of lease revenue and expenses and the growth experienced during 2018.

Income tax expense

	Three months ended March 31,
	2019				2018
Income tax expense		$	1,582			$	1,538
% of total revenue			0.7	%			0.9	%
% of freight revenue			0.8	%			1.0	%

For the periods presented, the changes in income tax expense were not significant as either a percentage of total revenue or freight revenue.

The effective tax rate is different from the expected combined tax rate due primarily to permanent differences related to our per diem pay structure for drivers. Due to the partial nondeductible effect of the per diem payments, our tax rate will fluctuate in future periods as income fluctuates. We are currently estimating our 2019 effective income tax rate to be approximately 27.1%.

RESULTS OF SEGMENT OPERATIONS

We have two reportable segments, truckload services, which we refer to as Truckload, and Managed Freight. Our Managed Freight segment has service offerings ancillary to our Truckload services, including: freight brokerage service provided both directly and through freight brokerage agents, who are paid a commission for the freight they provide, transportation management services, and shuttle and switching services. These operations consist of several operating segments, which are aggregated due to similar margins and customers. Included in Managed Freight are our warehousing, shuttle and switching, and accounts receivable factoring businesses, which do not meet the aggregation criteria, but only accounted for $8.3 million, $3.7 million, and $1.8 million of our revenue, respectively, during the period ended March 31, 2019.

COMPARISON OF THREE MONTHS ENDED MARCH 31, 2019 TO THREE MONTHS ENDED MARCH 31, 2018

The following table summarizes financial and operating data by reportable segment:

	Three months ended
	March 31,
(in thousands)	2019		2018
Revenues:
Truckload	$	172,660	$	154,548
Managed Freight		46,521		19,018
Total	$	219,181	$	173,566

Operating Income:
Truckload	$	1,276	$	5,361
Managed Freight		4,150		1,064
Total	$	5,426	$	6,425

Page 25

For the 2019 quarter, Truckload total revenue increased $18.1 million due to a $18.0 million increase in freight revenue, as well as a $0.1 million increase in fuel surcharge revenue. The increase in freight revenue primarily relates to a 560 (or 21.9%) average tractor increase, offset by a 6.7% decrease in average freight revenue per tractor per week from the 2018 quarter. Landair contributed $22.7 million of revenue to consolidated Truckload operations for the quarter ended March 31, 2019, and the July 2018 acquisition was primarily responsible for the increase in average tractors. The decrease in average freight revenue per tractor per week for the quarter ended March 31, 2019 is the result of a 12.5% decrease in average miles per unit, partially offset by an 11.6 cents per mile (or 6.6%) increase in average rate per total mile compared to the 2018 quarter. Team-driven trucks decreased to an average of 870 teams in the first quarter of 2019, a decrease of approximately 2.7% from the average of 894 teams in the first quarter of 2018.

Our Truckload operating income was $4.1 million lower in the 2019 quarter than in the same 2018 quarter, due to an increase in operating costs per mile, net of fuel surcharge revenue, primarily related to the abovementioned increases in salaries and driver compensation and insurance and claims expense, as well as increases in purchased transportation. These increases were partially offset by increases in revenue.

Managed Freight total revenue and operating income increased $27.6 million and $3.1 million, respectively, quarter-over-quarter primarily as a result of Landair’s contribution of $20.4 million of revenue and $2.1 million of operating income, as well as growth with existing customers and our focus on growing the offerings within this segment.

LIQUIDITY AND CAPITAL RESOURCES

Our business requires significant capital investments over the short-term and the long-term. Recently, we have financed our capital requirements with borrowings under our Credit Facility, cash flows from operations, long-term operating leases, finance leases, secured installment notes with finance companies, and proceeds from the sale of our used revenue equipment. Going forward, we expect revenue equipment acquisitions through purchases and finance leases to increase as a percentage of our fleet as we decrease our use of operating leases. Further, we expect to increase our capital allocation toward dedicated, transportation management services, and other managed freight solutions to become the go-to partner for our customers’ most critical transportation and logistics needs. We had working capital (total current assets less total current liabilities) of $92.8 million and $84.3 million at March 31, 2019 and 2018, respectively. Our working capital on any particular day can vary significantly due to the timing of collections and cash disbursements. Based on our expected financial condition, net capital expenditures, results of operations, related net cash flows, installment notes, and other sources of financing, we believe our working capital and sources of liquidity will be adequate to meet our current and projected needs and we do not expect to experience material liquidity constraints in the foreseeable future.

We expect borrowings from the financial affiliates of our primary revenue equipment suppliers to be available to fund most new tractors expected to be delivered in 2019, while any other property and equipment purchases, including trailers, are expected to be funded with a combination of notes, operating leases, finance leases, and/or from the Credit Facility. With a relatively young average fleet age at March 31, 2019, we believe we have flexibility to manage our fleet, and we plan to regularly evaluate our tractor replacement cycle, new tractor purchase requirements, and purchase options. If we are successful in our attempts to grow our independent contractor fleet, our capital requirements would be reduced. Our current tractor fleet plan for full-year 2019 includes the delivery of approximately 1,165 new company tractors and the disposal of approximately 1,200 used tractors. Over the course of 2019, the size of our tractor fleet is expected to be flat to down 2.0% compared to the 3,154 tractors we operated as of December 31, 2018, depending on our ability to secure additional long-term dedicated contracts from shippers and our ability to hire and retain professional drivers to seat our tractors. As of March 31, 2019, we had $29.6 million of borrowings outstanding, undrawn letters of credit outstanding of approximately $33.4 million, and available borrowing capacity of $32.0 million under the Credit Facility. Fluctuations in the outstanding balance and related availability under our Credit Facility are driven primarily by cash flows from operations and the timing and nature of property and equipment additions that are not funded through notes payable, as well as the nature and timing of collection of accounts receivable, payments of accrued expenses, and receipt of proceeds from disposals of property and equipment. Unless we decide to make any strategic investments during the year, we anticipate paying off an aggregate of approximately $40.0 to $60.0 million of financing and lease liabilities, comprised of both on and off balance sheet obligations, during 2019. Refer to Note 5, “Debt” of the accompanying consolidated financial statements for further information about material debt agreements.

Cash Flows

Net cash flows provided by operating activities decreased $27.5 million in the quarter ended March 31, 2019 compared with the 2018 quarter, primarily due to increases in receivables and driver advances resulting from growth of receivables purchased by our factoring division, fluctuations in cash flows from accounts payable and accrued expenses, which primarily related to the timing and amount of payments on our trade accounts in the 2019 quarter compared to the 2018 quarter, as well as the timing of payment of insurance claims affecting our insurance and claims accrual.

Page 26

Net cash flows used by investing activities was $33.5 million in the 2019 quarter, compared to $13.7 million in the 2018 quarter. The change in net cash flows used by investing activities was primarily the result of the timing of our trade cycle whereby we took delivery of approximately 209 new company tractors and disposed of approximately 40 used tractors in the 2019 quarter compared to delivery and disposal of approximately 286 and 252 tractors, respectively in the same 2018 period.

Net cash flows provided by financing activities was approximately $32.2 million in the 2019 quarter compared to less than $0.1 million in the same 2018 quarter. The change in Net cash flows provided by financing activities was primarily a function of net proceeds in the 2019 quarter and net repayments in the 2018 quarter relating to both notes payable and under our Credit Facility.

Going forward, our cash flow may fluctuate depending on capital expenditures, future stock repurchases, strategic investments or divestitures, and the extent of future income tax obligations and refunds.

CONTRACTUAL OBLIGATIONS

During the three months ended March 31, 2019, there were no material changes in our commitments or contractual liabilities.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires us to make decisions based upon estimates, assumptions, and factors we consider as relevant to the circumstances. Such decisions include the selection of applicable accounting principles and the use of judgment in their application, the results of which impact reported amounts and disclosures. Changes in future economic conditions or other business circumstances may affect the outcomes of our estimates and assumptions. Accordingly, actual results could differ from those anticipated. There have been no material changes to our critical accounting policies and estimates during the three months ended March 31, 2019, compared to those disclosed in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," included in our 2018 Annual Report on Form 10-K, other than adoption of Topic 842, Leases, as discussed in Note 1, “Significant Accounting Policies” of the accompanying consolidated financial statements.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We experience various market risks, including changes in interest rates and fuel prices. We do not enter into derivatives or other financial instruments for trading or speculative purposes, or when there are no underlying related exposures. Because our operations are mostly confined to the United States, we are not subject to a material amount of foreign currency risk.

COMMODITY PRICE RISK

We engage in activities that expose us to market risks, including the effects of changes in fuel prices and in interest rates. Financial exposures are evaluated as an integral part of our risk management program, which seeks, from time-to-time, to reduce the potentially adverse effects that the volatility of fuel markets and interest rate risk may have on operating results.

In an effort to seek to reduce the variability of the ultimate cash flows associated with fluctuations in diesel fuel prices, we have periodically entered into various derivative instruments, including forward futures swap contracts. We have historically entered into hedging contracts with respect to ultra low sulfur diesel (“ULSD”). Under these contracts, we paid a fixed rate per gallon of ULSD and received the monthly average price of Gulf Coast ULSD. The retrospective and prospective regression analyses provided that changes in the prices of diesel fuel and ULSD were deemed to be highly effective based on the relevant authoritative guidance. At March 31, 2019, there are no remaining fuel hedge contracts. We do not engage in speculative transactions, nor do we hold or issue financial instruments for trading purposes.

A one dollar increase in the price of diesel per gallon would decrease our net income by $4.7 million. This sensitivity analysis considers that we expect to purchase approximately 40.9 million gallons of diesel during the remainder of 2019, with an assumed fuel surcharge recovery rate of 84.1% of the cost (which was our fuel surcharge recovery rate during the quarter ended March 31, 2019).

Page 27

INTEREST RATE RISK

In August 2015, we entered into an interest rate swap agreement with a notional amount of $28.0 million, which was designated as a hedge against the variability in future interest payments due on the debt associated with the purchase of our corporate headquarters. The terms of the swap agreement effectively convert the variable rate interest payments on this note to a fixed rate of 4.2% through maturity on August 1, 2035. In 2016 and 2017, we also entered into several other interest rate swaps, which were designated to hedge against the variability in future interest rate payments due on rent associated with the purchase of certain trailers. Because the critical terms of the swap and hedged items coincide, in accordance with the requirements of ASC 815, the change in the fair value of the derivative is expected to exactly offset changes in the expected cash flows due to fluctuations in the LIBOR rate over the term of the debt instrument, and therefore no ongoing assessment of effectiveness is required. The fair value of all interest rate swap agreements that were in effect at March 31, 2019, of approximately $0.3 million, is included in other short and long-term assets and other short and long-term liabilities, as appropriate based upon each swap agreement's position, in the condensed consolidated balance sheet and is included in Accumulated other comprehensive (loss) income, net of tax. Additionally, $0.1 million was reclassified from accumulated other comprehensive income into our results of operations as additional interest expense for the three months ended March 31, 2019, related to changes in interest rates during such quarter. Based on the amounts in accumulated other comprehensive income as of March 31, 2019, we expect to reclassify losses of approximately less than $0.1 million, net of tax, on derivative instruments from accumulated other comprehensive income into our results of operations during the next twelve months due to changes in interest rates. The amounts actually realized will depend on the fair values as of the date of settlement.

Our market risk is also affected by changes in interest rates. Historically, we have used a combination of fixed-rate and variable-rate obligations to manage our interest rate exposure. Fixed-rate obligations expose us to the risk that interest rates might fall. Variable-rate obligations expose us to the risk that interest rates might rise. Of our total $310.0 million of debt and finance leases, we had $62.6 million of variable rate debt outstanding at March 31, 2019, including our Credit Facility, a real-estate note and certain equipment notes, of which the real-estate note of $24.6 million was hedged with the interest rate swap agreement at 4.2% and certain of our equipment notes totaling $8.5 million were hedged to provide a weighted average interest rate of 2.0%. The interest rates applicable to these agreements are based on either the prime rate or LIBOR. Our earnings would be affected by changes in these short-term interest rates. Risk can be quantified by measuring the financial impact of a near-term adverse increase in short-term interest rates. At our March 31, 2019 level of borrowing, a 1% increase in our applicable rate would reduce annual net income by less than $0.1 million. Our remaining debt is fixed rate debt, and therefore changes in market interest rates do not directly impact our interest expense.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We have established disclosure controls and procedures to ensure that material information relating to us and our consolidated subsidiaries is made known to the officers who certify our financial reports and to other members of senior management and the Board of Directors.

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operations of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that due to a material weakness in our internal control over financial reporting described in Item 9A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, our disclosure controls and procedures were not effective as of March 31, 2019.

Notwithstanding the identified material weakness, management believes the consolidated financial statements included in this Form 10-Q fairly present, in all material respects, our financial condition, results of operations and cash flows as of and for the periods presented in accordance with U.S. generally accepted accounting principles.

Remediation

Management has been implementing and continues to implement measures designed to ensure that control deficiencies contributing to the material weakness are remediated, such that these controls are designed, implemented, and operating effectively. In accordance with our remediation plan, we have and will continue to (i) develop a training program addressing ITGCs and policies, including educating control owners concerning the principles and requirements of each control, with a focus on those related to change-management over IT systems impacting financial reporting; (ii) implement controls to address and maintain documentation of completeness and accuracy of system generated information used to support the operation of the controls; (iii) develop enhanced change-management intake procedures and controls related to changes in IT systems; (iv) implement an IT management review and testing plan to monitor ITGCs with a specific focus on systems supporting our financial reporting processes; and (v) enhance monthly reporting on the remediation measures to the Audit Committee of our Board of Directors.

Page 28

As of March 31, 2019, we have taken substantial action to implement our remediation plan. We have started developing a training program to address ITGCs and related policies. Management has implemented controls to address system generated information, which includes additional testing of financially significant reports and interfaces before any related changes are made to the underlying systems, reports, or data. To address intake procedures, we have added additional procedures to identify changes that could impact systems, data or reports that are financially significant. We have key personnel reviewing information technology management review and testing plans to monitor ITGCs. Finally, management has enhanced reporting to the Audit Committee of our Board of Directors by reviewing the Company’s remediation efforts with Audit Committee members during each of the three months in first quarter fiscal 2019. We believe that these actions will remediate the material weakness. The material weakness will not be considered remediated, however, until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. We expect that the remediation of this material weakness will be completed prior to the end of fiscal 2019.

Changes in Internal Control Over Financial Reporting

Other than the remediation process described above, the implementation of controls that may materially affect internal controls related to Landair, and the implementation of controls related to our adoption of Topic 842, Leases, there have been no other changes in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) of the Exchange Act) that occurred during the first quarter of fiscal 2019 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure procedures and controls or our internal controls will prevent all errors or intentional fraud. An internal control system, no matter how well-conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of such internal controls are met. Further, the design of an internal controls system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all internal controls systems, no evaluation of controls can provide absolute assurance that all our controls issues and instances of fraud, if any, have been detected.

PART II

OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

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.

ITEM 1A.

RISK FACTORS

While we attempt to identify, manage, and mitigate risks and uncertainties associated with our business, some level of risk and uncertainty will always be present. Our Form 10-K for the year ended December 31, 2018, in the section entitled "Item 1A. Risk Factors," describes some of the risks and uncertainties associated with our business. These risks and uncertainties have the potential to materially affect our business, financial condition, results of operations, cash flows, projected results, and future prospects.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

During the quarter ended March 31, 2019, we did not engage in unregistered sales of securities or any other transactions required to be reported under this Item 2 of Part II on Form 10-Q.

The payment of cash dividends is currently limited by our financing arrangements, including certain covenants under our Credit Facility.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4.

MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.

OTHER INFORMATION

Not applicable.

Page 29

ITEM 6. EXHIBITS

Exhibit Number	Reference	Description
3.1	#	Second Amended and Restated Articles of Incorporation
3.2	(1)	Third Amended and Restated Bylaws
4.1	#	Second Amended and Restated Articles of Incorporation
4.2	(1)	Third Amended and Restated Bylaws
31.1	#	Certification pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, by David R. Parker, the Company's Principal Executive Officer
31.2	#	Certification pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, by Richard B. Cribbs, the Company's Principal Financial Officer
32.1	##	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, by David R. Parker, the Company's Chief Executive Officer
32.2	##	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, by Richard B. Cribbs, the Company's Chief Financial Officer
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Labels Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document
References:
(1)	Incorporated by reference to Exhibit 3.2 to the Company's Report on Form 8-K, filed March 14, 2019.
#	Filed herewith.
##	Furnished herewith.

Page 30

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	COVENANT TRANSPORTATION GROUP, INC.


Date: May 10, 2019	By:	/s/ Richard B. Cribbs
		Richard B. Cribbs
		Executive Vice President and Chief Financial Officer in his capacity as such and as a duly authorized officer on behalf of the issuer

Page 31

EX-3.1 2 exhibit31.htm EXHIBIT 3.1 (SECOND AMENDED AND RESTATED ARTICLES OF INCORPORATION)

Exhibit 3.1

SECOND AMENDED AND RESTATED ARTICLES OF INCORPORATION

COVENANT TRANSPORTATION GROUP, INC.

(formerly Covenant Transport, Inc.)

(Pursuant to Nevada General Corporation Law §78.403)

ARTICLE I. NAME

The name of the corporation is Covenant Transportation Group, Inc.

ARTICLE II. RESIDENT AGENT

The name and street address of the corporation's initial resident agent is The Corporation Trust Company of Nevada, One East First Street, Reno, Washoe County, Nevada 89501.

ARTICLE III. PURPOSE

The purpose of the corporation is to engage in, promote, conduct and carry on any lawful acts or activities for which corporations may be organized under the Nevada General Corporation Law.

ARTICLE IV. AUTHORIZED SHARES

The total number of shares of capital stock of all classes which the corporation shall have authority to issue is fifty million (50,000,000) shares, all having a par value of One Cent ($0.01) per share, consisting of the following: forty million (40,000,000) Class A Common Shares; five million (5,000,000) Class B Common Shares; and five million (5,000,000) Preferred Shares.

The voting powers, designations, preferences, limitations, restrictions, and special or relative rights with respect to each class of stock are or shall be fixed as follows:

A. Common Shares. Except as otherwise stated herein, the holders of Class A Common Shares and Class B Common Shares shall have all of the rights afforded holders of common stock under the Nevada corporation law, including the right to vote on all matters submitted to a vote of the common stockholders, and, subject to the rights, if any, of holders of the Preferred Shares, the right to receive the net assets of the Corporation upon dissolution. The Class A Common Shares and Class B Common Shares shall vote together as a single class and shall receive any dividends and distributions payable to holders of common stock on a pro rata basis; provided, that: (i) holders of Class A Common Shares shall be entitled to one (1) vote per share on all matters submitted to a vote of

the common stockholders; (ii) holders of Class B Common Shares shall be entitled to two (2) votes per share on all matters submitted to a vote of the common stockholders so long as the holders are David R. Parker, Jacqueline Parker, Rachel Parker, Jonathan Parker (the "Founders"), any trust for the benefit of one or more of Founders or any other entity which is 100% owned by the Founders, and (iii) holders of Class B Common Shares may receive dividends payable in the Corporation's common stock in Class A Common Shares or Class B Common Shares, as designated by the board of directors when declaring any such dividend. Holders of Class B Common Shares may convert such shares into Class A Common Shares, at any time and from time to time, on the basis of one Class A Common Share for each Class B Common Share. If any Class B Common Shares cease to be owned by the Founders, or any trust for the benefit of one or more of the Founders or by any other entity which is 100% owned by one or more of the Founders, such shares that are no longer so owned shall be converted automatically into Class A Common Shares and shall be entitled to one (1) vote per share. In any merger, consolidation, reorganization, or other business combination, the consideration to be received per share by holders of the Class A Common Shares and Class B Common Shares shall be identical; provided that if, after such business combination, the Founders, any trust or trusts for the benefit of one or more of Founders or any other entity which is 100% owned by the Founders, jointly own more than one-third (1/3) of the surviving entity, any securities received may differ to the extent that the voting rights differ between Class A Common Shares and Class B Common Shares. Holders of Class A Common Shares and Class B Common Shares shall not be entitled to cumulative voting in the election of directors.

B. Preferred Shares. The Board of Directors is expressly authorized to issue the Preferred Shares from time to time, in one or more series, provided that the aggregate number of shares issued and outstanding at any time of all such series shall not exceed five million (5,000,000). The Board of Directors is further authorized to fix or alter, in respect to each such series, the following terms and provisions of any authorized and unissued shares of such stock:

(i)

the distinctive serial designation;

(ii)

the number of shares of the series, which number may at any time or from time to time be increased or decreased (but not below the number of shares of such series then outstanding) by the Board of Directors;

(iii)

the voting powers, if any, and, if voting powers are granted, the extent of such voting powers including whether cumulative voting is allowed and the right, if any, to elect a director or directors;

(iv)

the election, term of office, filling of vacancies, and other terms of the directorship of directors, if any, to be elected by the holders of any one or more classes or series of such stock;

(v)

the dividend rights, if any, including, without limitation, the dividend rates, dividend preferences with respect to other series or classes of stock, the dates on which any dividends shall be payable, and whether dividends shall be cumulative;

(vi)

the date from which dividends on shares issued prior to the date for payment of the first dividend thereon shall be cumulative, if any;

(vii)

the redemption price, terms of redemption, and the amount of and provisions regarding any sinking fund for the purchase or redemption thereof;

(viii)

the liquidation preferences and the amounts payable on dissolution or liquidation;

(ix)

the terms and conditions under which shares of the series may or shall be converted into any other series or class of stock or debt of the corporation; and

(x)

any other terms or provisions which the Board of Directors by law may be authorized to fix or alter.

C. Provisions Applicable to Common and Preferred Shares. No holder of shares of the corporation of any class, now or hereafter authorized, shall have any preferential or preemptive right to subscribe for, purchase or receive any shares of stock of the corporation of any class, now or hereafter authorized, or any options or warrants for such shares, or any rights to subscribe to or purchase such shares, or any securities convertible into or exchangeable for such shares, which may at any time or from time to time be issued, sold or offered for sale by the corporation.

ARTICLE V. DIRECTORS

The governing board of this corporation shall be known as directors. Initially, the number of directors of the corporation shall be two, however the number of directors may from time to time be increased or decreased in such manner as shall be provided by the bylaws of this corporation.

ARTICLE VI. LIMITATION OF LIABILITY

To the fullest extent permitted by the laws of the State of Nevada, as the same exist or may hereafter be amended, any director or officer of the Corporation shall not be liable to the Corporation or its stockholders for monetary or other damages for breach of fiduciary duties as a director or officer. No repeal, amendment, or modification of this Article VI, whether direct or indirect, shall eliminate or reduce its effect with respect to any act or omission of a director or officer of the Corporation occurring prior to such repeal, amendment, or modification.

ARTICLE VII. INDEMNIFICATION

To the fullest extent allowable by law, the corporation shall indemnify those persons determined to be entitled to indemnification, as hereinafter provided, in the manner and under the circumstances described in this Article VII.

A. General Indemnification.

(1) Subject to the case by case determination required to be made under paragraph A(3) hereof, the corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.

(2) Subject to the case by case determination required to be made under paragraph A(3) hereof, the corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including amounts paid in settlement and attorneys' fees actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, but no indemnification shall be made under this paragraph A(2) in respect to any claim, issue or matter as to which such person has been adjudged to be liable for negligence or misconduct in the performance of his duty to the corporation unless and only to the extent that the court in which such action or suit was brought determines upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.

(3) Any indemnification under paragraphs A(1) and A(2), unless ordered by a court, shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances because he has met the applicable standard of conduct set forth in paragraphs A(1) and A(2). Such determination shall be made: (i) by the stockholders; (ii) by the Board of Directors by majority vote of a quorum consisting of directors who were not parties to such act, suit or proceeding; (iii) if such a quorum of disinterested directors so orders, by independent legal counsel in a written opinion; or (iv) if such a quorum of disinterested directors cannot be obtained, by independent legal counsel in a written opinion.

The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and that, with respect to any criminal action or proceeding, he had reasonable cause to believe that his conduct was unlawful.

B. Mandatory Indemnification. To the extent that a director, officer, employee or agent of the corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in paragraphs A(1) and A(2), or in defense of any claim, issue or matter therein, he shall be indemnified by the corporation against expenses, including attorneys' fees, actually and reasonably incurred by him in connection with such defense.

C. Advancement of Expenses. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action, suit or proceeding as authorized by the Board of Directors in the specific case upon receipt of an undertaking by or on behalf of the director, officer, employee or agent to repay such amount unless it is ultimately determined that he is entitled to be indemnified by the corporation as authorized in this Article VII.

D. Other Rights. The indemnification provided by this Article VII does not exclude any other rights to which a person seeking indemnification may be entitled under any law, bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office. The indemnification provided by this Article VII shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person. No amendment to repeal of this Article VII shall apply to or have any effect on, the rights of any director, officer, employee or agent under this Article VII which rights come into existence by virtue of acts or omissions of such director, officer, employee or agent occurring prior to such amendment or repeal.

E. Insurance. The corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify him against such liability under the provisions of this Article VII.

F. Definition of Corporation. For the purposes of this Article VII, references to "the Corporation" include, in addition to the resulting corporation, all constituent corporations (including any constituent of a constituent) absorbed in consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officer, employees and agents so that any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article VII with respect to the resulting or surviving corporation as he or she would have with respect to such constituent corporation if its separate existence had continued.

G. Other Definitions. For purposes of this Article VII, references to "other enterprise" shall included employee benefit plans; references to "fine" shall include any excise tax assessed on a person with respect to an employee benefit plan; and references to "serving at the request of the Corporation" shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Corporation" as referred to in this Article VII.

ARTICLE VIII. DURATION

The corporation shall have perpetual existence.

EX-31.1 3 exhibit311.htm EXHIBIT 31.1 (SECTION 302 CERTIFICATION - DAVID R. PARKER)

Exhibit 31.1

I, David R. Parker, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Covenant Transportation Group, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 10, 2019	/s/ David R. Parker
	David R. Parker
	Principal Executive Officer

EX-31.2 4 exhibit312.htm EXHIBIT 31.2 (SECTION 302 CERTIFICATION - RICHARD B. CRIBBS)

Exhibit 31.2

I, Richard B. Cribbs, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Covenant Transportation Group, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 10, 2019	/s/ Richard B. Cribbs
	Richard B. Cribbs Principal Financial Officer

EX-32.1 5 exhibit321.htm EXHIBIT 32.1 (SECTION 906 CERTIFICATION - DAVID R. PARKER)

Exhibt 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Covenant Transportation Group, Inc. (the "Company") on Form 10-Q for the period ending March 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David R. Parker, Chief Executive Officer of the Company, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, hereby certify, that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 10, 2019	/s/ David R. Parker
	David R. Parker
	Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to Covenant Transportation Group, Inc. and will be retained by Covenant Transportation Group, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 6 exhibit322.htm EXHIBIT 32.2 (SECTION 906 CERTIFICATION - RICHARD B. CRIBBS)

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Covenant Transportation Group, Inc. (the "Company") on Form 10-Q for the period ending March 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Richard B. Cribbs, Chief Financial Officer of the Company, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, hereby certify, that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 10, 2019	/s/ Richard B. Cribbs
	Richard B. Cribbs
	Chief Financial Officer

EX-101.INS 7 cvti-20190331.xml XBRL INSTANCE DOCUMENT 591000 591000 146300000 19709000 19695000 16861000 16675000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Equity Method Investment</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">We own a minority investment in Transport Enterprise Leasing, LLC ("TEL"). TEL is a tractor and trailer equipment leasing company and used equipment reseller. We have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> guaranteed any of TEL's debt and have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> obligation to provide funding, services, or assets. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2016, </div>the operating agreement with TEL was amended to, among other things, remove the previously agreed to fixed date purchase options. TEL’s majority owners are generally restricted from transferring their interests in TEL, other than to certain permitted transferees, without our consent. We sold <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> tractors or trailers to TEL during the quarter ended <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019</div></div>, and we sold <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million</div> to TEL during the same <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div></div> quarter. We received <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.4</div> million</div> and <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.1</div> million</div>, respectively, for providing various maintenance services, certain back-office functions, and for miscellaneous equipment. We recognized a net reversal of previously deferred gains totaling <div style="display: inline;">less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million</div> and <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.2</div> million</div> <div style="display: inline; text-transform:lowercase;"><div style="display: inline;">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended</div></div> <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019</div></div> and <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div></div>, respectively, representing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49%</div></div> of the gains on units sold to TEL less any gains previously deferred and recognized when the equipment was subsequently sold to a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party.  Deferred gains, totaling <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.2</div> million</div> at <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019</div></div>, are being carried as a reduction in our investment in TEL.  At <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019</div></div> and <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018</div></div>, we had accounts receivable from TEL of <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.6</div> million</div> and <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.2</div> million</div>, respectively, related to cash disbursements made pursuant to our performance of certain back-office and maintenance functions on TEL’s behalf.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> net income through <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019</div></div>, or <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.0</div> million</div>. Our investment in TEL, totaling <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$29.1</div> million</div> and <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26.1</div> million</div>, at <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019</div></div> and <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018</div></div>, respectively, is included in other assets in the accompanying condensed consolidated balance sheets.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">See TEL's summarized financial information below:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"> </div> <div> <table style="margin-right: 15%; margin-left: 45pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 66%;"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(in thousands)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">As of March 31,</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">As of December 31,</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Current Assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,635</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,877</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Non-current Assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">276,925</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">273,987</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Current Liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,875</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78,530</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Non-current Liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">241,651</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">176,389</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total Equity</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,034</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,945</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"> </div> <div> <table style="margin-right: 15%; margin-left: 45pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">For the three months ended</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">For the three months ended</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">March 31, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">March 31, 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Revenue</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,483</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,141</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Operating Expenses</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,000</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,624</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Operating Income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,483</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,517</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net Income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,088</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,017</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" margin: 0pt;"> </div></div> -668000 -4000 0 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; text-indent: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 10.45%; min-; min-width: 700px;" cellspacing="0pt" cellpadding="0pt"> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 46.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(in thousands)</div> </td> <td style="vertical-align: middle; width: 19.8%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 11.4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Operating</div></div> </td> <td style="vertical-align: middle; width: 13.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 9.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Finance</div></div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 46.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">2019 (1)</div> </td> <td style="vertical-align: middle; width: 19.8%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 11.4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">$ 12,521</div> </td> <td style="vertical-align: middle; width: 13.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 9.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">$ 7,987</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 46.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">2020</div> </td> <td style="vertical-align: middle; width: 19.8%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 11.4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">12,551</div> </td> <td style="vertical-align: middle; width: 13.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 9.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">7,966</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 46.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">2021</div> </td> <td style="vertical-align: middle; width: 19.8%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 11.4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">8,765</div> </td> <td style="vertical-align: middle; width: 13.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 9.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">8,226</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 46.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">2022</div> </td> <td style="vertical-align: middle; width: 19.8%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 11.4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">6,567</div> </td> <td style="vertical-align: middle; width: 13.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 9.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">10,003</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 46.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">2023</div> </td> <td style="vertical-align: middle; width: 19.8%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 11.4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">631</div> </td> <td style="vertical-align: middle; width: 13.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 9.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">6,842</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 46.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Thereafter</div> </td> <td style="vertical-align: middle; width: 19.8%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 11.4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">2,397</div> </td> <td style="vertical-align: middle; width: 13.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 9.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">1,330</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 46.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Total minimum lease payments</div> </td> <td style="vertical-align: middle; width: 19.8%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 11.4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">$ 43,432</div> </td> <td style="vertical-align: middle; width: 13.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 9.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">$ 42,354</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 46.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Less: amount representing interest</div> </td> <td style="vertical-align: middle; width: 19.8%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 11.4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">(3,269)</div> </td> <td style="vertical-align: middle; width: 13.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 9.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">(3,233)</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 46.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Present value of minimum lease payments</div> </td> <td style="vertical-align: middle; width: 19.8%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 11.4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">$ 40,163</div> </td> <td style="vertical-align: middle; width: 13.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 9.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">$ 39,121</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 46.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Less: current portion</div> </td> <td style="vertical-align: middle; width: 19.8%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 11.4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">(14,622)</div> </td> <td style="vertical-align: middle; width: 13.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 9.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">(6,898)</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 46.5%; padding: 0px; margin: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Lease obligations, long-term</td> <td style="vertical-align: middle; width: 19.8%; padding: 0px; margin: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 11.4%; padding: 0px; margin: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$ 25,541</div></td> <td style="vertical-align: middle; width: 13.2%; padding: 0px; margin: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 9.1%; padding: 0px; margin: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$ 32,223</div></td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 46.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> </td> <td style="vertical-align: middle; width: 19.8%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: middle; width: 11.4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;"> </div> </td> <td style="vertical-align: middle; width: 13.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: middle; width: 9.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;"> </div> </td> </tr> </table></div> 0.35 50000000 25000000 200000 4 0.1 0.75 0.85 0.85 0.95 48670000 30691000 -1000 -160000 false --12-31 Q1 2019 2019-03-31 10-Q 0000928658 2350000 16018513 Yes false Accelerated Filer COVENANT TRANSPORTATION GROUP INC false cvti

26824000

22101000

155956000

151093000

17745000

19787000

18869000

22193000

33729000

49503000

199717000

188175000

-228000

204000

142770000

142177000

826000

1262000

1300000

800000

1262000

826000

1923000

1985000

634000

626000

37000

836074000

773524000

226045000

211644000

7003000

2559000

1633000

1857000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Basis of Presentation</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">The condensed consolidated financial statements include the accounts of Covenant Transportation 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 Transportation Group, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q and Article <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> of Regulation S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">X</div> promulgated under the Securities Act of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1933.</div> In preparing financial statements, it is necessary for management to make assumptions and estimates affecting the amounts reported in the condensed consolidated financial statements and related notes. These estimates and assumptions are developed based upon all information available. Actual results could differ from estimated amounts. In the opinion of management, the accompanying financial statements include all adjustments that are necessary for a fair presentation of the results for the interim periods presented, such adjustments being of a normal recurring nature.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018</div></div>, condensed consolidated balance sheet was derived from our audited balance sheet as of that date. Our operating results are subject to seasonal trends when measured on a quarterly basis; therefore operating results for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019</div></div> are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the results that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be expected for the year ending <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018</div></div>. These condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in our Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018</div></div>. Results of operations in interim periods are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of results to be expected for a full year.</div></div></div></div></div>

23127000

15356000

31001000

38371000

7874000

23015000

0.01

20000000

5000000

16075810

16015708

2350000

16075810

16015708

2350000

172000

171000

24000

4001000

5088000

15174000

11730000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Debt </div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;">Current and long-term debt consisted of the following at <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019</div></div> and <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018</div></div>:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 56%;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(in thousands)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 18111%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">March 31, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 18111%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">December 31, 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 56%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Current</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Long-Term</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Current</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Long-Term</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Borrowings under Credit Facility</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,626</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,911</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left; text-indent: -9pt;">Revenue equipment installment notes; weighted average interest rate of 3.8% at March 31, 2019, and 3.7% at December 31, 2018, due in monthly installments with final maturities at various dates ranging from April 2019 to July 2023, secured by related revenue equipment</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,880</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">145,049</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,809</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">139,115</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: justify; text-indent: -9pt;"> </div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 56%; padding: 0; margin: 0">Real estate notes; interest rate of 4.2% at March 31, 2019 and 4.1% at December 31, 2018 due in monthly installments with a fixed maturity at August 2035, secured by related real estate</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,059</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,494</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,048</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,763</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Deferred loan costs</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(147</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(117</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(147</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(154</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Total debt</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,792</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">198,052</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,710</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">166,635</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Principal portion of finance lease obligations, secured by related revenue equipment</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,898</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,223</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,374</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,119</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Principal portion of operating lease obligations, secured by related revenue equipment</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,300</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,700</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 56%; padding: 0; margin: 0">Total debt and lease obligations</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,990</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">268,975</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,084</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">201,754</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">We and substantially all of our subsidiaries (collectively, the "Borrowers") are parties to the Credit Facility with Bank of America, N.A., as agent (the "Agent") and JPMorgan Chase Bank, N.A. ("JPM," and together with the Agent, the "Lenders"). The Credit Facility is a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$95.0</div> million revolving credit facility, with an uncommitted accordion feature that, so long as <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> event of default exists, allows us to request an increase in the revolving credit facility of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50.0</div> million subject to Lender acceptance of the additional funding commitment.  The Credit Facility includes, within our <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$95.0</div> million revolving credit facility, a letter of credit sub facility in an aggregate amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$95.0</div> million and a swing line sub facility in an aggregate amount equal to the greater of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.0</div> million or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> of the Lenders' aggregate commitments under the Credit Facility from time-to-time. The Credit Facility matures in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2021.</div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">Borrowings under the Credit Facility are classified as either "base rate loans" or "LIBOR 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.5%,</div> or LIBOR plus <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.0%,</div> plus an applicable margin ranging from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.5%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.0%;</div> while LIBOR loans accrue interest at LIBOR, plus an applicable margin ranging from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.5%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.0%.</div> The applicable rates are adjusted quarterly based on average pricing availability. The unused line fee is the product of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.25%</div> times the average daily amount by which the Lenders' aggregate revolving commitments under the Credit Facility exceed the outstanding principal amount of revolver loans and the aggregate undrawn amount of all outstanding letters of credit issued under the Credit Facility.  The obligations under the Credit Facility are guaranteed by us and secured by a pledge of substantially all of our assets, with the notable exclusion of any real estate or revenue equipment pledged under other financing agreements, including revenue equipment installment notes and capital leases.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$95.0</div> million, minus the sum of the stated amount of all outstanding letters of credit; or (B) the sum of (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of eligible accounts receivable, plus (ii) the lesser of (a) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of the appraised net orderly liquidation value of eligible revenue equipment, (b) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95%</div> of the net book value of eligible revenue equipment, or (c) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35%</div> of the Lenders' aggregate revolving commitments under the Credit Facility, plus (iii) the lesser of (a) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25.0</div> million or (b) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div> of the appraised fair market value of eligible real estate, as reduced by a periodic amortization amount.  We had <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$29.6</div> million</div> of borrowings outstanding under the Credit Facility as of <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019</div></div>, undrawn letters of credit outstanding of approximately <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$33.4</div> million</div>, and available borrowing capacity of <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$32.0</div> million</div>. The interest rate on outstanding borrowings as of <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019</div></div>, was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0%</div> on <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$29.6</div> million</div> of base rate loans and there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> outstanding LIBOR loans. Based on availability as of <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019</div></div> and <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div></div>, there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> fixed charge coverage requirement.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be accelerated, and the Lenders' commitments <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be terminated.  If an event of default occurs under the Credit Facility and the Lenders cause all of the outstanding debt obligations under the Credit Facility to become due and payable, this could result in a default under other debt instruments that contain acceleration or cross-default provisions. The Credit Facility contains certain restrictions and covenants relating to, among other things, debt, dividends, liens, acquisitions and dispositions outside of the ordinary course of business, and affiliate transactions. Failure to comply with the covenants and restrictions set forth in the Credit Facility could result in an event of default.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">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 <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2019</div></div><div style="display: inline; background-color:null;"> to </div><div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2023</div></div><div style="display: inline; background-color:null;">.</div> The notes contain certain requirements regarding payment, insuring of collateral, and other matters, but do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have any financial or other material covenants or events of default except certain notes totaling <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$146.3</div> million</div> are cross-defaulted with the Credit Facility. Additional borrowings from the financial affiliates of our primary revenue equipment suppliers and other lenders are expected to be available to fund new tractors expected to be delivered in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020,</div> while any other property and equipment purchases, including trailers, are expected to be funded with a combination of available cash, notes, operating leases, capital leases, and/or from the Credit Facility.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2015, </div>we financed a portion of the purchase of our corporate headquarters, a maintenance facility, and certain surrounding property in Chattanooga, Tennessee by entering into a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$28.0</div> million variable rate note with a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party lender. Concurrently with entering into the note, we entered into an interest rate swap to effectively fix the related interest rate to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.2%.</div></div></div>

0.005

0.01

0.005

0.01

0.015

0.02

28000000

0.06

0.038

0.037

0.042

-203000

147000

117000

154000

100000

200000

442000

1691000

100000

78400000

78407000

77467000

19851000

18614000

0.042

1718000

1741000

3183000

2660000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 62%;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(in thousands)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Three Months Ended</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">March 31,</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Total Revenues:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Truckload Segment:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Expedited</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">62,722</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80,762</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Dedicated</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">79,771</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,379</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Refrigerated</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,605</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,407</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">OTR</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,562</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Truckload Revenues</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">172,660</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">154,548</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Managed Freight Segment:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Brokerage</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,307</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,093</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Warehouse</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,260</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">TMS</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,370</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Shuttle & Switching</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,736</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Factoring</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,848</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">925</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Managed Freight Revenues</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,521</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,018</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Total</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">219,181</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">173,566</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div>

5600000

7200000

0.24

0.21

0.49

20000000

20624000

30635000

25877000

15875000

78530000

50034000

44945000

7483000

4517000

5088000

3017000

276925000

273987000

241651000

176389000

27483000

25141000

29100000

26100000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 15%; margin-left: 45pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 66%;"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(in thousands)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">As of March 31,</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">As of December 31,</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Current Assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,635</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,877</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Non-current Assets</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">276,925</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">273,987</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Current Liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,875</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78,530</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Non-current Liabilities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">241,651</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">176,389</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total Equity</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,034</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,945</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin-right: 15%; margin-left: 45pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">For the three months ended</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">For the three months ended</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 66%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">March 31, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">March 31, 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Revenue</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,483</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,141</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Operating Expenses</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,000</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,624</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Operating Income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,483</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,517</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net Income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,088</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,017</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div>

227000

1146000

39121000

6898000

5374000

32223000

35119000

42354000

1330000

6842000

10003000

8226000

7966000

7987000

3233000

227000

55400000

1411000

0.03

P3Y182D

P15Y

P5Y

P12Y

P180Y

P60Y

P144Y

220000

210000

1763000

2193000

147000

140000

1175000

1462000

18063000

2192000

2783000

2923000

4400000

1400000

28200000

34000000

4400000

1400000

28200000

34000000

4180000

1190000

26437000

31807000

4253000

1260000

27025000

32538000

27832000

27181000

143000

-1081000

41598000

40730000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Goodwill and Other Assets</div></div> </td> </tr> </table>   <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 3, 2018, </div>we acquired <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> of the outstanding stock of Landair Holdings, Inc., a Tennessee corporation (“Landair”). Landair is a dedicated and for-hire truckload carrier, as well as a supplier of transportation management, warehousing and logistics inventory management services. Landair’s results have been included in the consolidated financial statements since the date of acquisition. Landair’s trucking operations’ results are reported within our Truckload segment, while Landair’s logistics operations’ results are reported within our Managed Freight segment.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">The allocation of the preliminary purchase price is subject to change based on finalization of the valuation of long-lived and intangible assets and self-insurance reserves, as well as our ongoing evaluation of Landair's accounting principles for consistency with ours. The assignment of goodwill and intangible assets to our reportable segments has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been completed as of <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019</div></div>. A summary of the changes in carrying amount of goodwill is as follows:</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;"> </div> <div> <table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; margin: 0pt 35%; min-width: 700px;" cellspacing="0pt" cellpadding="0pt"> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 85%;"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(in thousands)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Balance at December 31, 2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,598</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Post-acquisition goodwill adjustments</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(868</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap">)</td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Balance at March 31, 2019</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,730</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">A summary of other intangible assets as of <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019</div></div> and <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018</div></div> is as follows:</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;"> </div> <div> <table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; margin: 0pt 15%; min-width: 700px;" cellspacing="0pt" cellpadding="0pt"> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 52%;"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(in thousands)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="10" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">March 31, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Gross intangible assets</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Accumulated amortization</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Net intangible assets</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Life (months)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Trade name</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,400</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(220</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,180</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">180</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Non-Compete agreement</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,400</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(210</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,190</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Customer relationships</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,200</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,763</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,437</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">144</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,000</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,193</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,807</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td colspan="11" rowspan="1" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; text-align: center; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 31, 2018</div></div></div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Gross intangible assets</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Accumulated amortization</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Net intangible assets</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Life (months)</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">Trade name</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,400</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(147</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,253</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">180</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">Non-Compete agreement</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,400</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(140</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,260</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">Customer relationships</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,200</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,175</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,025</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">144</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">Total</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,000</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,462</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,538</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> </tr> </table> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">The above intangible assets have a weighted average life of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">145</div> months. The expected amortization of these assets for the next <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> successive years is as follows:</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;"> </div> <div> <table style="margin: 0pt 37.5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0pt" cellpadding="0pt"> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">(In thousands)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 81%;"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2019</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,192</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2020</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,923</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2021</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,923</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2022</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,923</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2023</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,783</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Thereafter</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,063</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;"> </div></div>

-868000

6015000

5955000

3000000

3035000

1490000

100000

1582000

1538000

1109000

-10197000

-4246000

-4537000

650000

58000

42000

-2759000

-2327000

2482000

-12995000

152000

75000

2446000

1960000

79503000

60619000

7820000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; text-indent: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 4.55%; min-; min-width: 700px;" cellspacing="0pt" cellpadding="0pt"> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(dollars in thousands)</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Three months ended</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">March 31, 2019</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Lease Cost</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Finance lease cost:</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Amortization of right-of-use assets</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">1,411</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Interest on lease liabilities</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">227</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Operating lease cost</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">6,182</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Variable lease cost</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 16%; padding: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFF00;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">-</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Total lease cost</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 2px double rgb(0, 0, 0); vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">$ 7,820</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: middle; width: 34.8%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Other information</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Cash paid for amounts included in the measurement of lease liabilities:</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Operating cash flows from finance leases</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">1,146</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Operating cash flows from operating leases</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">6,182</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Financing cash flows from finance leases</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">227</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Right-of-use assets obtained in exchange for new finance lease liabilities</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">-</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Right-of-use assets obtained in exchange for new operating lease liabilities</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">4,146</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Weighted-average remaining lease term—finance leases</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFF00;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;"> 3.5 years</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Weighted-average remaining lease term—operating leases</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFF00;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;"> 3.6 years</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Weighted-average discount rate—finance leases</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFF00;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">3.0%</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 65.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Weighted-average discount rate—operating leases</div> </td> <td style="vertical-align: middle; width: 18.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 16.6%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFF00;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">4.2%</div> </td> </tr> </table></div>

43432000

2397000

631000

6567000

8765000

12551000

12521000

3269000

33400000

36300000

488337000

430382000

836074000

773524000

133243000

127332000

29600000

95000000

10000000

32000000

0.0025

268975000

201754000

40990000

34084000

30880000

27809000

1059000

1048000

31792000

28710000

145049000

139115000

23494000

23763000

198052000

166635000

29626000

3911000

32199000

50000

-33495000

-13731000

9170000

36696000

4433000

4417000

4433000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Recent Accounting Pronouncements</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic;">Accounting Standards adopted</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> which establishes Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> to replace Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> regarding accounting for leases. Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> requires lessees to recognize a right-of-use asset and a lease liability for most leases on the balance sheet. Leases that were previously described as capital leases are now called finance leases, and operating leases with a term of at least <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> months are now required to be recorded on the balance sheet. We adopted this standard on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019 </div>using the modified retrospective approach.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2018, </div>FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,</div> which provides an optional transition method allowing application of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> as of the adoption date and recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> restatement of comparative prior periods. We have adopted the standard using this optional transition method.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">Within Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> FASB has provided a number of practical expedients for applying the new lease standard in relation to leases that commenced prior to the standard's effective date. We have elected the package of practical expedients which allowed us, among other things, to carry forward the operating and capital lease classifications from Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> to the new operating and finance lease classifications under Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">The adoption of this ASU resulted in the recognition of operating lease assets and liabilities totaling approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$40.2</div> million, comprised of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14.6</div> million of current liabilities and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25.6</div> million of long-term operating lease obligations.</div></div></div></div></div>

213755000

167141000

5426000

6425000

11235000

8685000

6182000

41000000

40163000

14600000

14622000

25600000

25541000

6182000

40200000

39100000

0.042

P3Y219D

976000

1435000

37485000

37149000

671000

-432000

671000

15000

11000

99000

-4000

-38000

-4000

-431000

770000

-164000

295000

10000

6731000

4139000

4125000

4067000

2002000

1636000

17000

668000

18000

37926000

32160000

9014000

11579000

435995000

336616000

19217000

29674000

-223000

100000

4431000

18429000

699724000

638770000

500007000

450595000

0.15

0.25

P5Y

P7Y

P10Y

-32000

-8000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0pt" cellpadding="0pt"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 40%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Details about OCI Components</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Amount Reclassified from OCI for the three months ended March 31, 2019</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 40%; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Affected Line Item in the Statement of Operations</div></div> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">Gains (losses) on cash flow hedges</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 17%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Interest rate swap contracts</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 17%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 40%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Interest expense</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 17%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap">)</td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 40%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Income tax expense</div> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 17%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;" nowrap="nowrap"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 40%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Net of tax</div> </td> </tr> </table></div>

410280000

341622000

1373000

799000

10469000

23784000

204999000

200566000

195761000

150463000

23420000

23103000

219181000

173566000

62722000

80762000

79771000

40379000

25605000

33407000

4562000

172660000

154548000

24307000

18093000

8260000

8370000

3736000

1848000

925000

46521000

19018000

2400000

2100000

4146000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 56%;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(in thousands)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 18111%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">March 31, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 18111%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">December 31, 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 56%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Current</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Long-Term</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Current</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Long-Term</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Borrowings under Credit Facility</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,626</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,911</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left; text-indent: -9pt;">Revenue equipment installment notes; weighted average interest rate of 3.8% at March 31, 2019, and 3.7% at December 31, 2018, due in monthly installments with final maturities at various dates ranging from April 2019 to July 2023, secured by related revenue equipment</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,880</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">145,049</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,809</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">139,115</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: justify; text-indent: -9pt;"> </div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 56%; padding: 0; margin: 0">Real estate notes; interest rate of 4.2% at March 31, 2019 and 4.1% at December 31, 2018 due in monthly installments with a fixed maturity at August 2035, secured by related real estate</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,059</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,494</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,048</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,763</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Deferred loan costs</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(147</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(117</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(147</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(154</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap">)</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Total debt</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,792</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">198,052</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,710</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">166,635</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Principal portion of finance lease obligations, secured by related revenue equipment</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,898</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,223</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,374</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,119</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 56%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Principal portion of operating lease obligations, secured by related revenue equipment</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,300</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,700</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 56%; padding: 0; margin: 0">Total debt and lease obligations</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,990</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">268,975</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,084</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 8%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">201,754</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"> </td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 70%;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">(in thousands except per share data)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Numerator:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Net income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,433</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,417</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Denominator:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Denominator for basic income per share – weighted-average shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,381</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,331</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Effect of dilutive securities:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Equivalent shares issuable upon conversion of unvested restricted shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">152</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Denominator for diluted income per share adjusted weighted-average shares and assumed conversions</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,533</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,406</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Net income per share:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Basic and diluted income per share</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.24</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.24</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; margin: 0pt 15%; min-; min-width: 700px;" cellspacing="0pt" cellpadding="0pt"> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 52%;"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">(in thousands)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="10" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">March 31, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Gross intangible assets</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Accumulated amortization</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Net intangible assets</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Life (months)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Trade name</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,400</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(220</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,180</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">180</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Non-Compete agreement</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,400</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(210</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,190</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Customer relationships</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,200</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,763</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,437</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">144</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,000</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,193</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,807</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td colspan="11" rowspan="1" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; text-align: center; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 31, 2018</div></div></div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Gross intangible assets</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Accumulated amortization</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Net intangible assets</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Life (months)</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">Trade name</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,400</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(147</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,253</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">180</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">Non-Compete agreement</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,400</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(140</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,260</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">Customer relationships</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,200</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,175</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,025</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">144</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0" nowrap="nowrap"> </td> </tr> <tr> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0">Total</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,000</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,462</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);" nowrap="nowrap">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,538</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0px; margin: 0px; border-bottom: 3px double rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding: 0; margin: 0"> </td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin: 0pt 37.5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0pt" cellpadding="0pt"> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">(In thousands)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 81%;"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2019</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,192</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2020</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,923</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2021</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,923</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2022</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,923</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2023</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,783</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Thereafter</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,063</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></div></div> </td> <td> <div style=" font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;"><div style="display: inline; font-weight: bold;">Segment Information</div><div style="display: inline; font-weight: bold;"> </div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">We have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> reportable segments, Truckload, which is comprised of our truckload services, and Managed Freight, which provides freight brokerage and logistics services.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">The Truckload segment consists of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> service offerings that are aggregated because they have similar economic characteristics and meet the aggregation criteria.  The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> service offerings that comprise our Truckload segment are as follows: (i) Expedited, provided primarily by Covenant Transport, our historical flagship operation; (ii) Dedicated, provided by all of our operating fleets; (iii) Refrigerated, provided primarily through our Southern Refrigerated Transport, Inc. ("SRT") subsidiary; and (iv) over-the-road ("OTR"), provided primarily by our Landair Transport, Inc. subsidiary.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">In addition, our Managed Freight segment has service offerings ancillary to our Truckload services, including: freight brokerage, transportation management services ("TMS"), and shuttle and switching services. The operations consist of several operating segments, which are aggregated due to similar margins and customers. Included within Managed Freight are our accounts receivable factoring and warehousing businesses, neither of which meets the quantitative or qualitative reporting thresholds individually or in the aggregate.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div></div> Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K. Substantially all intersegment sales prices are market based. We evaluate performance based on operating income of the respective business units.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">The following table summarizes our revenue by our <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> reportable segments, Truckload and Managed Freight, disaggregated to the operating fleet level as used by our chief operating decision maker in making decisions regarding allocation of resources, etc., organized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> by reportable segment (i.e. Truckload and Managed Freight) and then by operating fleet for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019</div></div>:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 62%;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(in thousands)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Three Months Ended</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">March 31,</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Total Revenues:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Truckload Segment:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Expedited</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">62,722</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80,762</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Dedicated</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">79,771</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,379</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Refrigerated</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,605</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,407</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">OTR</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,562</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Truckload Revenues</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">172,660</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">154,548</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Managed Freight Segment:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Brokerage</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,307</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,093</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Warehouse</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,260</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">TMS</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,370</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Shuttle & Switching</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,736</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Factoring</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,848</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">925</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: left;">Managed Freight Revenues</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,521</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,018</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Total</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">219,181</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">173,566</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table> </div></div>

1550000

50960

22.71

29390

-18000

1000

-669000

-668000

171000

24000

137242000

293000

157471000

295201000

171000

24000

138050000

964000

162479000

301688000

171000

24000

142177000

204000

200566000

343142000

172000

24000

142770000

-228000

204999000

347737000

343142000

18533000

18406000

18381000

18331000

Excludes the three months ended March 31, 2019 xbrli:shares xbrli:pure iso4217:USD iso4217:USD xbrli:shares 0000928658 2018-01-01 2018-03-31 0000928658 us-gaap:CargoAndFreightMember 2018-01-01 2018-03-31 0000928658 cvti:FuelSurchargeMember 2018-01-01 2018-03-31 0000928658 cvti:TransportEnterpriseLeasingLLCMember 2018-01-01 2018-03-31 0000928658 cvti:ManagedFreightMember 2018-01-01 2018-03-31 0000928658 cvti:ManagedFreightMember cvti:BrokerageMember 2018-01-01 2018-03-31 0000928658 cvti:ManagedFreightMember cvti:FactoringMember 2018-01-01 2018-03-31 0000928658 cvti:ManagedFreightMember cvti:ShuttleAndSwitchingMember 2018-01-01 2018-03-31 0000928658 cvti:ManagedFreightMember cvti:TransportationManagementServicesMember 2018-01-01 2018-03-31 0000928658 cvti:ManagedFreightMember srt:WarehouseMember 2018-01-01 2018-03-31 0000928658 cvti:TruckloadMember 2018-01-01 2018-03-31 0000928658 cvti:TruckloadMember cvti:DedicatedMember 2018-01-01 2018-03-31 0000928658 cvti:TruckloadMember cvti:ExpeditedMember 2018-01-01 2018-03-31 0000928658 cvti:TruckloadMember cvti:OverTheRoadMember 2018-01-01 2018-03-31 0000928658 cvti:TruckloadMember cvti:RefrigeratedMember 2018-01-01 2018-03-31 0000928658 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-03-31 0000928658 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0000928658 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0000928658 us-gaap:TreasuryStockMember 2018-01-01 2018-03-31 0000928658 us-gaap:CustomerRelationshipsMember 2018-01-01 2018-12-31 0000928658 us-gaap:NoncompeteAgreementsMember 2018-01-01 2018-12-31 0000928658 us-gaap:TradeNamesMember 2018-01-01 2018-12-31 0000928658 2019-01-01 2019-03-31 0000928658 cvti:BalanceSheetMember 2019-01-01 2019-03-31 0000928658 cvti:BaseRateLoansMember srt:MaximumMember cvti:ApplicableMarginMember 2019-01-01 2019-03-31 0000928658 cvti:BaseRateLoansMember srt:MinimumMember cvti:ApplicableMarginMember 2019-01-01 2019-03-31 0000928658 cvti:BaseRateLoansMember cvti:FederalFundsRateMember 2019-01-01 2019-03-31 0000928658 cvti:BaseRateLoansMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-03-31 0000928658 cvti:LIBORMember srt:MaximumMember cvti:ApplicableMarginMember 2019-01-01 2019-03-31 0000928658 cvti:LIBORMember srt:MinimumMember cvti:ApplicableMarginMember 2019-01-01 2019-03-31 0000928658 us-gaap:CommodityContractMember cvti:IncomeTaxExpenseMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000928658 us-gaap:CommodityContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000928658 us-gaap:CustomerRelationshipsMember 2019-01-01 2019-03-31 0000928658 us-gaap:NoncompeteAgreementsMember 2019-01-01 2019-03-31 0000928658 us-gaap:TradeNamesMember 2019-01-01 2019-03-31 0000928658 cvti:IncomeStatementMember 2019-01-01 2019-03-31 0000928658 cvti:InterestAndPenaltiesRecognizedForUncertainTaxPositionsMember 2019-01-01 2019-03-31 0000928658 us-gaap:CargoAndFreightMember 2019-01-01 2019-03-31 0000928658 cvti:FuelSurchargeMember 2019-01-01 2019-03-31 0000928658 cvti:DryVanTrailersMember 2019-01-01 2019-03-31 0000928658 cvti:RefrigeratedTrailersMember 2019-01-01 2019-03-31 0000928658 cvti:TractorsMember 2019-01-01 2019-03-31 0000928658 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000928658 cvti:TransportEnterpriseLeasingLLCMember 2019-01-01 2019-03-31 0000928658 cvti:ManagedFreightMember 2019-01-01 2019-03-31 0000928658 cvti:ManagedFreightMember cvti:BrokerageMember 2019-01-01 2019-03-31 0000928658 cvti:ManagedFreightMember cvti:FactoringMember 2019-01-01 2019-03-31 0000928658 cvti:ManagedFreightMember cvti:ShuttleAndSwitchingMember 2019-01-01 2019-03-31 0000928658 cvti:ManagedFreightMember cvti:TransportationManagementServicesMember 2019-01-01 2019-03-31 0000928658 cvti:ManagedFreightMember srt:WarehouseMember 2019-01-01 2019-03-31 0000928658 cvti:TruckloadMember 2019-01-01 2019-03-31 0000928658 cvti:TruckloadMember cvti:DedicatedMember 2019-01-01 2019-03-31 0000928658 cvti:TruckloadMember cvti:ExpeditedMember 2019-01-01 2019-03-31 0000928658 cvti:TruckloadMember cvti:OverTheRoadMember 2019-01-01 2019-03-31 0000928658 cvti:TruckloadMember cvti:RefrigeratedMember 2019-01-01 2019-03-31 0000928658 us-gaap:CommonClassAMember 2019-01-01 2019-03-31 0000928658 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-01-01 2019-03-31 0000928658 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000928658 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0000928658 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000928658 us-gaap:TreasuryStockMember 2019-01-01 2019-03-31 0000928658 cvti:VariableRateNoteMember 2015-08-31 0000928658 us-gaap:InterestRateSwapMember 2015-08-31 0000928658 2017-12-31 0000928658 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2017-12-31 0000928658 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2017-12-31 0000928658 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000928658 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000928658 us-gaap:RetainedEarningsMember 2017-12-31 0000928658 us-gaap:TreasuryStockMember 2017-12-31 0000928658 2018-03-31 0000928658 cvti:TransportEnterpriseLeasingLLCMember 2018-03-31 0000928658 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-03-31 0000928658 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2018-03-31 0000928658 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0000928658 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0000928658 us-gaap:RetainedEarningsMember 2018-03-31 0000928658 us-gaap:TreasuryStockMember 2018-03-31 0000928658 cvti:LandairHoldingsIncMember 2018-07-03 0000928658 2018-12-31 0000928658 cvti:RealEstateNoteMember 2018-12-31 0000928658 cvti:RevenueEquipmentInstallmentNotesMember 2018-12-31 0000928658 us-gaap:CustomerRelationshipsMember 2018-12-31 0000928658 us-gaap:NoncompeteAgreementsMember 2018-12-31 0000928658 us-gaap:TradeNamesMember 2018-12-31 0000928658 cvti:TransportEnterpriseLeasingLLCMember 2018-12-31 0000928658 us-gaap:CommonClassAMember 2018-12-31 0000928658 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-12-31 0000928658 us-gaap:CommonClassBMember 2018-12-31 0000928658 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2018-12-31 0000928658 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000928658 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000928658 us-gaap:RetainedEarningsMember 2018-12-31 0000928658 us-gaap:TreasuryStockMember 2018-12-31 0000928658 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0000928658 2019-03-31 0000928658 cvti:ReductionInTELInvestmentMember cvti:TransportEnterpriseLeasingLLCMember 2019-03-31 0000928658 us-gaap:LetterOfCreditMember 2019-03-31 0000928658 us-gaap:RevolvingCreditFacilityMember cvti:BaseRateLoansMember 2019-03-31 0000928658 us-gaap:RevolvingCreditFacilityMember cvti:LIBORLoansMember 2019-03-31 0000928658 cvti:SwingLineSubFacilityMember 2019-03-31 0000928658 cvti:RealEstateNoteMember 2019-03-31 0000928658 cvti:RevenueEquipmentInstallmentNotesMember 2019-03-31 0000928658 us-gaap:CustomerRelationshipsMember 2019-03-31 0000928658 us-gaap:NoncompeteAgreementsMember 2019-03-31 0000928658 us-gaap:TradeNamesMember 2019-03-31 0000928658 us-gaap:StateAndLocalJurisdictionMember cvti:DeferredTaxAssetsRelatedToStateNetOperatingLossCarryForwardsMember 2019-03-31 0000928658 cvti:DryVanTrailersMember 2019-03-31 0000928658 cvti:TractorsMember 2019-03-31 0000928658 cvti:TransportEnterpriseLeasingLLCMember 2019-03-31 0000928658 us-gaap:CommonClassAMember 2019-03-31 0000928658 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-03-31 0000928658 us-gaap:CommonClassBMember 2019-03-31 0000928658 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2019-03-31 0000928658 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000928658 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000928658 us-gaap:RetainedEarningsMember 2019-03-31 0000928658 us-gaap:TreasuryStockMember 2019-03-31 0000928658 us-gaap:CommonClassAMember 2019-05-09 0000928658 us-gaap:CommonClassBMember 2019-05-09

EX-101.SCH 8 cvti-20190331.xsd XBRL TAXONOMY EXTENSION SCHEMA 000 - Document - Document And Entity Information link:calculationLink link:definitionLink link:presentationLink 001 - Statement - Consolidated Balance Sheets (Current Period Unaudited) link:calculationLink link:definitionLink link:presentationLink 002 - Statement - Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) link:calculationLink link:definitionLink link:presentationLink 003 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:calculationLink link:definitionLink link:presentationLink 004 - Statement - Condensed Consolidated Statements of Comprehensive Income (Unaudited) link:calculationLink link:definitionLink link:presentationLink 005 - Statement - Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) link:calculationLink link:definitionLink link:presentationLink 006 - Statement - Condensed Consolidated Statements of Stockholders' Equity (Unaudited) link:calculationLink link:definitionLink link:presentationLink 007 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:calculationLink link:definitionLink link:presentationLink 008 - Disclosure - Note 1 - Significant Accounting Policies link:calculationLink link:definitionLink link:presentationLink 010 - Disclosure - Note 3 - Segment Information link:calculationLink link:definitionLink link:presentationLink 011 - Disclosure - Note 4 - Income Taxes link:calculationLink link:definitionLink link:presentationLink 012 - Disclosure - Note 5 - Debt link:calculationLink link:definitionLink link:presentationLink 013 - Disclosure - Note 6 - Stock-based Compensation link:calculationLink link:definitionLink link:presentationLink 014 - Disclosure - Note 7 - Commitments and Contingencies Liabilities link:calculationLink link:definitionLink link:presentationLink 015 - Disclosure - Note 8 - Leases link:calculationLink link:definitionLink link:presentationLink 016 - Disclosure - Note 9 - Equity Method Investment link:calculationLink link:definitionLink link:presentationLink 017 - Disclosure - Note 10 - Other Comprehensive Income ("OCI") link:calculationLink link:definitionLink link:presentationLink 018 - Disclosure - Note 11 - Goodwill and Other Assets link:calculationLink link:definitionLink link:presentationLink 019 - Disclosure - Significant Accounting Policies (Policies) link:calculationLink link:definitionLink link:presentationLink 021 - Disclosure - Note 3 - Segment Information (Tables) link:calculationLink link:definitionLink link:presentationLink 022 - Disclosure - Note 5 - Debt (Tables) link:calculationLink link:definitionLink link:presentationLink 023 - Disclosure - Note 8 - Leases (Tables) link:calculationLink link:definitionLink link:presentationLink 024 - Disclosure - Note 9 - Equity Method Investment (Tables) link:calculationLink link:definitionLink link:presentationLink 025 - Disclosure - Note 10 - Other Comprehensive Income ("OCI") (Tables) link:calculationLink link:definitionLink link:presentationLink 026 - Disclosure - Note 11 - Goodwill and Other Assets (Tables) link:calculationLink link:definitionLink link:presentationLink 027 - Disclosure - Note 1 - Significant Accounting Policies (Details Textual) link:calculationLink link:definitionLink link:presentationLink 030 - Disclosure - Note 3 - Segment Information (Details Textual) link:calculationLink link:definitionLink link:presentationLink 031 - Disclosure - Note 3 - Segment Information - Segment by Operating Fleet Revenue (Details) link:calculationLink link:definitionLink link:presentationLink 032 - Disclosure - Note 4 - Income Taxes (Details Textual) link:calculationLink link:definitionLink link:presentationLink 033 - Disclosure - Note 5 - Debt (Details Textual) link:calculationLink link:definitionLink link:presentationLink 034 - Disclosure - Note 5 - Debt - Current and Long-term Debt (Details) link:calculationLink link:definitionLink link:presentationLink 035 - Disclosure - Note 5 - Debt - Current and Long-term Debt (Details) (Parentheticals) link:calculationLink link:definitionLink link:presentationLink 036 - Disclosure - Note 6 - Stock-based Compensation (Details Textual) link:calculationLink link:definitionLink link:presentationLink 037 - Disclosure - Note 7 - Commitments and Contingencies Liabilities (Details Textual) link:calculationLink link:definitionLink link:presentationLink 038 - Disclosure - Note 8 - Leases (Details Textual) link:calculationLink link:definitionLink link:presentationLink 039 - Disclosure - Note 8 - Leases - Lease Obligations (Details) link:calculationLink link:definitionLink link:presentationLink 040 - Disclosure - Note 8 - Leases - Future Minimum Lease Payments (Details) link:calculationLink link:definitionLink link:presentationLink 041 - Disclosure - Note 9 - Equity Method Investment (Details Textual) link:calculationLink link:definitionLink link:presentationLink 042 - Disclosure - Note 9 - Equity Method Investment - TEL's Summarized Financial Information - Balance Sheets (Details) link:calculationLink link:definitionLink link:presentationLink 043 - Disclosure - Note 9 - Equity Method Investment - TEL's Summarized Financial Information - Income Statement (Details) link:calculationLink link:definitionLink link:presentationLink 044 - Disclosure - Note 10 - Other Comprehensive Income ("OCI") - Components of AOCI (Details) link:calculationLink link:definitionLink link:presentationLink 045 - Disclosure - Note 11 - Goodwill and Other Assets (Details Textual) link:calculationLink link:definitionLink link:presentationLink 046 - Disclosure - Note 11 - Goodwill and Other Assets - Schedule of Goodwill (Details) link:calculationLink link:definitionLink link:presentationLink 047 - Disclosure - Note 11 - Goodwill and Other Assets - Intangible Assets (Details) link:calculationLink link:definitionLink link:presentationLink 048 - Disclosure - Note 11 - Goodwill and Other Assets - Expected Future Amortization (Details) link:calculationLink link:definitionLink link:presentationLink EX-101.CAL 9 cvti-20190331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 10 cvti-20190331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 11 cvti-20190331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Document And Entity Information Note To Financial Statement Details Textual Significant Accounting Policies Note 2 - Income (Loss) Per Share Note 3 - Segment Information Note 5 - Debt Note 8 - Leases Note 9 - Equity Method Investment LIBOR Loans [Member] Represents information pertaining to LIBOR loans. Note 10 - Other Comprehensive Income ("OCI") Note 11 - Goodwill and Other Assets Note 2 - Income (Loss) Per Share - Calculation of Net Income Per Share (Details) Income Tax Disclosure [Text Block] Borrowings under Credit Facility, noncurrent Note 3 - Segment Information - Segment by Operating Fleet Revenue (Details) Note 5 - Debt - Current and Long-term Debt (Details) Unrealized holding gain on investments classified as available-for-sale Note 5 - Debt - Current and Long-term Debt (Details) (Parentheticals) Landair Holdings Inc [Member] Represents Landair Holdings Inc, a leading dedicated and for-hire truckload carrier. Note 8 - Leases - Lease Obligations (Details) Note 8 - Leases - Future Minimum Lease Payments (Details) us-gaap_LiabilitiesCurrent Total current liabilities Note 9 - Equity Method Investment - TEL's Summarized Financial Information - Balance Sheets (Details) Schedule of Debt [Table Text Block] Note 9 - Equity Method Investment - TEL's Summarized Financial Information - Income Statement (Details) Note 10 - Other Comprehensive Income ("OCI") - Components of AOCI (Details) Note 11 - Goodwill and Other Assets - Schedule of Goodwill (Details) Note 11 - Goodwill and Other Assets - Intangible Assets (Details) Note 11 - Goodwill and Other Assets - Expected Future Amortization (Details) Notes To Financial Statements Notes To Financial Statements [Abstract] us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired Business Acquisition, Percentage of Voting Interests Acquired Total debt and lease obligations, current Debt, current Other comprehensive income us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions Commodity Contract [Member] Total stockholders' equity Borrowings under Credit Facility, current Goodwill and Intangible Assets Disclosure [Text Block] Schedule of Goodwill [Table Text Block] Accrued expenses Lessee, Operating Leases [Text Block] Accounts payable Revolving Credit Facility [Member] Drivers' advances and other receivables, net of allowance of $634 in 2019 and $626 in 2018 The total amount due to the entity within one year of the balance sheet date (or one operating cycle, if longer) from outside sources including advances to drivers and other non-trade receivables, net of allowances established for the purpose of reducing such receivables to an amount that approximates their net realizable value. Credit Facility [Axis] Proceeds from disposition of property and equipment Proceeds from Sale of Property, Plant, and Equipment, Total Revenue equipment rentals and purchased transportation The total costs of purchased transportation and transportation-related services, costs of independent contractors, and rental expense incurred for leased assets including furniture and equipment and real estate during the reporting period. Credit Facility [Domain] Depreciation and amortization, including gains and losses on disposition of property and equipment The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Additionally, included are gains and losses on the sale of assets held for sale and property and equipment. us-gaap_PolicyTextBlockAbstract Accounting Policies Transport Enterprise Leasing LLC [Member] Transport Enterprise Leasing LLC. us-gaap_DebtSecuritiesAvailableForSaleGainLoss Return on investment in available-for-sale securities Trade Names [Member] us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased Tractors [Member] Represents information about tractors which is recognized as property, plant and equipment. us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant Refrigerated Trailers [Member] Refrigerated trailers member. Dry Van Trailers [Member] Dry van trailers member. Current portion of insurance and claims accrual Interest and Penalties Recognized for Uncertain Tax Positions [Member] Equivalent shares issuable upon conversion of unvested restricted shares (in shares) Effect of dilutive securities: us-gaap_PaymentsToAcquirePropertyPlantAndEquipment Acquisition of property and equipment us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Noncompete Agreements [Member] Current liabilities: us-gaap_Assets Total assets Federal Funds Rate [Member] Federal funds rate member. Base Rate Loans [Member] Represents information pertaining to base rate loans. LIBOR [Member] LIBOR member. cvti_DebtSecuredWithACrossDefaultFeature Debt, Secured with a Cross Default Feature Debt secured with a cross default feature. Revenue Equipment Installment Notes [Member] Revenue equipment installment notes member. Real Estate Note [Member] Real estate note member. Customer Relationships [Member] Equity Method Investment [Text Block] The entire disclosure for information about equity investment disclosure, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Deferred Tax Assets Related to State Net Operating Loss Carry Forwards [Member] Represents Deferred Tax Assets Related to State Net Operating Loss Carry Forwards, excluding federal operating loss carry forwards. Share-based Payment Arrangement [Text Block] Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Major Class Name [Domain] Net income Net income Net income us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization Finite-Lived Intangible Assets, Accumulated Amortization Finite-Lived Intangible Assets, Net Other intangibles, net Numerator: Finite-Lived Intangible Assets, Gross us-gaap_FiniteLivedIntangibleAssetsGross Fuel Surcharge [Member] Refers to information regarding fuel surcharge. Post-acquisition goodwill adjustments Commitments and Contingencies Disclosure [Text Block] us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment Less: accumulated depreciation and amortization us-gaap_PropertyPlantAndEquipmentNet Net property and equipment Goodwill Balance Balance Property and equipment, at cost us-gaap_DueFromRelatedParties Due from Related Parties, Total us-gaap_EquityMethodInvestmentOwnershipPercentage Equity Method Investment, Ownership Percentage Derivative Instrument [Axis] Derivative Contract [Domain] Cash flows from investing activities: us-gaap_RevenueFromRelatedParties Revenue from Related Parties Income per share: Earnings Per Share [Text Block] us-gaap_IncomeLossFromEquityMethodInvestments Income (Loss) from Equity Method Investments, Total Income from equity method investment Income from equity method investment us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities Accounts payable and accrued expenses Letter of Credit [Member] us-gaap_EquityMethodInvestments Equity Method Investments Managed Freight [Member] Refers to information regarding Managed Freight. Income tax expense Income Tax Expense (Benefit), Total Reversal of gain on sales to equity method investee Amounts reversed from the deferred gains on sale of property. us-gaap_OperatingExpenses Total operating expenses Cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Salaries, wages, and related expenses us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax Stock-based compensation expense us-gaap_AllocatedShareBasedCompensationExpense Share-based Payment Arrangement, Expense us-gaap_IncreaseDecreaseInInsuranceLiabilities Insurance and claims accrual Amendment Flag us-gaap_ComprehensiveIncomeNetOfTax Comprehensive income New Accounting Pronouncements, Policy [Policy Text Block] Expedited [Member] Represents the expedited truckload segment. Brokerage [Member] Represents the brokerage revenue in the managed freight segment. Common stock, shares outstanding (in shares) Over the Road [Member] Represents the over-the-road truckload segment. Refrigerated [Member] Represents the refrigerated truckload segment. Dedicated [Member] Represents the dedicated truckload segment. Factoring [Member] Represents the factoring revenue in the managed freight segment. Shuttle and Switching [Member] Represents the shuttle and switching revenue in the managed freight segment. Current Fiscal Year End Date us-gaap_DebtInstrumentBasisSpreadOnVariableRate1 Debt Instrument, Basis Spread on Variable Rate Transportation Management Services [Member] Represents the transportation management services revenue in the managed freight segment. Interest rate Debt Instrument, Interest Rate, Stated Percentage Variable lease cost us-gaap_LeaseCost Total lease cost us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets Prepaid expenses and other assets Weighted-average discount rate—operating leases Document Fiscal Period Focus Operating lease cost Document Fiscal Year Focus Lease, Cost [Table Text Block] Right-of-use assets obtained in exchange for new finance lease liabilities Document Period End Date Right-of-use assets obtained in exchange for new operating lease liabilities Weighted-average remaining lease term—operating leases (Year) Entity Emerging Growth Company us-gaap_DebtInstrumentFaceAmount Debt Instrument, Face Amount Document Type Entity Small Business Document Information [Line Items] Document Information [Table] Entity Filer Category Debt Instrument [Axis] Entity Current Reporting Status Debt Instrument, Name [Domain] London Interbank Offered Rate (LIBOR) [Member] Variable Rate [Domain] us-gaap_IncreaseDecreaseInReceivables Receivables and advances Variable Rate [Axis] Stock-based employee compensation expense Statement of Comprehensive Income [Abstract] Entity Central Index Key Depreciation and amortization us-gaap_DepreciationAndAmortization Entity Registrant Name Entity [Domain] Legal Entity [Axis] Entity Common Stock, Shares Outstanding (in shares) Truckload [Member] Represents the truckload segment. us-gaap_IncreaseDecreaseInInventories Inventory and supplies Trading Symbol us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity Line of Credit Facility, Remaining Borrowing Capacity us-gaap_GainLossOnDispositionOfAssets (Gain) Loss on disposition of property and equipment us-gaap_TableTextBlock Notes Tables us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity Line of Credit Facility, Maximum Borrowing Capacity Issuance of restricted shares, net us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage Line of Credit Facility, Unused Capacity, Commitment Fee Percentage Reversal of losses on accounts receivable us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross Cargo and Freight [Member] us-gaap_LiabilitiesAndStockholdersEquity Total liabilities and stockholders' equity General supplies and expenses Retained earnings Accumulated other comprehensive income Debt Disclosure [Text Block] Interest expense, net Lessee, Lease Liability, Maturity [Table Text Block] Tabular disclosure of undiscounted cash flows of lessee's lease liability. Changes in operating assets and liabilities: us-gaap_AmortizationOfFinancingCosts Amortization of deferred financing fees Effect of adoption of ASU 2014-09 Amount after tax of increase (decrease) to equity or (increase) decrease to net assets, resulting from the cumulative effects adjustment of a new accounting principle applied in the period of adoption. us-gaap_DisclosureTextBlockAbstract Notes to Financial Statements Principal portion of operating lease obligations, secured by related revenue equipment, noncurrent Lease obligations, long-term, Operating Operating Lease, Liability, Noncurrent Present value of minimum lease payments, Operating Operating Lease, Liability, Total Principal portion of operating lease obligations, secured by related revenue equipment, current Current portion of operating lease obligations Operating Lease, Liability, Current Less: current portion, Operating Principal portion of finance lease obligations, secured by related revenue equipment, current us-gaap_FinanceLeaseLiabilityCurrent Less: current portion, Finance Principal portion of finance lease obligations, secured by related revenue equipment, noncurrent Lease obligations, long-term, Finance EX-101.PRE 12 cvti-20190331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 13 cvtilogo.jpg begin 644 cvtilogo.jpg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end XML 14 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2019	May 09, 2019
Document Information [Line Items]
Entity Registrant Name	COVENANT TRANSPORTATION GROUP INC
Entity Central Index Key	0000928658
Trading Symbol	cvti
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		16,018,513
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		2,350,000

XML 15 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 31,001	$ 23,127
Accounts receivable, net of allowance of $1,923 in 2019 and $1,985 in 2018	155,956	151,093
Drivers' advances and other receivables, net of allowance of $634 in 2019 and $626 in 2018	16,861	16,675
Inventory and supplies	4,125	4,067
Prepaid expenses	9,014	11,579
Assets held for sale	7,003	2,559
Income taxes receivable	1,109	1,109
Other short-term assets	976	1,435
Total current assets	226,045	211,644
Property and equipment, at cost	699,724	638,770
Less: accumulated depreciation and amortization	(199,717)	(188,175)
Net property and equipment	500,007	450,595
Goodwill	40,730	41,598
Other intangibles, net	31,807	32,538
Other assets, net	37,485	37,149
Total assets	836,074	773,524
Current liabilities:
Checks outstanding in excess of bank balances	1,633	1,857
Accounts payable	26,824	22,101
Accrued expenses	33,729	49,503
Debt, current	31,792	28,710
Principal portion of finance lease obligations, secured by related revenue equipment, current	6,898	5,374
Current portion of operating lease obligations	14,622
Current portion of insurance and claims accrual	17,745	19,787
Total current liabilities	133,243	127,332
Debt, noncurrent	198,052	166,635
Lease obligations, long-term, Finance	32,223	35,119
Lease obligations, long-term, Operating	25,541
Insurance and claims accrual	18,869	22,193
Deferred income taxes	78,407	77,467
Other long-term liabilities	2,002	1,636
Total liabilities	488,337	430,382
Commitments and contingent liabilities
Stockholders' equity:
Additional paid-in-capital	142,770	142,177
Accumulated other comprehensive income	(228)	204
Retained earnings	204,999	200,566
Total stockholders' equity	347,737	343,142
Total liabilities and stockholders' equity	836,074	773,524
Common Class A [Member]
Stockholders' equity:
Common stock	172	171
Common Class B [Member]
Stockholders' equity:
Common stock	$ 24	$ 24

XML 16 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounts receivable allowance	$ 1,923	$ 1,985
Driver's advances and other receivables, allowance	$ 634	$ 626
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	16,075,810	16,015,708
Common stock, shares outstanding (in shares)	16,075,810	16,015,708
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

XML 17 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Total revenue	$ 219,181	$ 173,566
Operating expenses:
Salaries, wages, and related expenses	79,503	60,619
Fuel expense	27,832	27,181
Operations and maintenance	15,174	11,730
Revenue equipment rentals and purchased transportation	48,670	30,691
Operating taxes and licenses	3,183	2,660
Insurance and claims	11,235	8,685
Communications and utilities	1,718	1,741
General supplies and expenses	6,731	4,139
Depreciation and amortization, including gains and losses on disposition of property and equipment	19,709	19,695
Total operating expenses	213,755	167,141
Operating income	5,426	6,425
Interest expense, net	2,446	1,960
Income from equity method investment	(3,035)	(1,490)
Income before income taxes	6,015	5,955
Income tax expense	1,582	1,538
Net income	$ 4,433	$ 4,417
Income per share:
Basic and diluted income per share (in dollars per share)	$ 0.24	$ 0.24
Basic weighted average shares outstanding (in shares)	18,381	18,331
Diluted weighted average shares outstanding (in shares)	18,533	18,406
Cargo and Freight [Member]
Revenues
Total revenue	$ 195,761	$ 150,463
Fuel Surcharge [Member]
Revenues
Total revenue	$ 23,420	$ 23,103

XML 18 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income	$ 4,433	$ 4,417
Other comprehensive (loss) income:
Unrealized (loss) gain on effective portion of cash flow hedges, net of tax of $(164) and $295 in 2019 and 2018, respectively	(431)	770
Reclassification of cash flow hedge losses into statement of operations, net of tax of $4 and $38 in 2019, and 2018, respectively	(11)	(99)
Unrealized holding gain on investments classified as available-for-sale	10
Total other comprehensive (loss) income	(432)	671
Comprehensive income	$ 4,001	$ 5,088

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 19 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Unrealized loss on effective portion of cash flow hedges, tax	$ (164)	$ 295
Reclassification of cash flow hedge loss into statement of operations, tax	$ 4	$ 38

XML 20 R7.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2017	$ 171	$ 24	$ 137,242	$ 293	$ 157,471	$ 295,201
Net income					4,417	4,417	$ 4,417
Effect of adoption of ASU 2014-09					591	591
Other comprehensive income				671		671
Stock-based employee compensation expense			826			826
Issuance of restricted shares, net			(18)			(18)
Balance at Mar. 31, 2018	171	24	138,050	964	162,479	301,688
Balance at Dec. 31, 2018	171	24	142,177	204	200,566	343,142
Net income					4,433	4,433	$ 4,433
Other comprehensive income				(432)		(432)
Stock-based employee compensation expense			1,262			1,262
Issuance of restricted shares, net	1		(669)			(668)
Balance at Mar. 31, 2019	$ 172	$ 24	$ 142,770	$ (228)	$ 204,999	$ 347,737

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 21 R8.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 4,433	$ 4,417
Adjustments to reconcile net income to net cash provided by operating activities:
Reversal of losses on accounts receivable	(32)	(8)
Reversal of gain on sales to equity method investee	(1)	(160)
Depreciation and amortization	19,851	18,614
Amortization of deferred financing fees	37	37
Deferred income tax expense	442	1,691
Income tax benefit arising from restricted share vesting and stock options exercised	668	4
Stock-based compensation expense	1,262	826
Income from equity method investment	(3,035)	(1,490)
(Gain) Loss on disposition of property and equipment	(143)	1,081
Return on investment in available-for-sale securities	203
Changes in operating assets and liabilities:
Receivables and advances	(2,482)	12,995
Prepaid expenses and other assets	2,759	2,327
Inventory and supplies	(58)	(42)
Insurance and claims accrual	(4,537)	650
Accounts payable and accrued expenses	(10,197)	(4,246)
Net cash flows provided by operating activities	9,170	36,696
Cash flows from investing activities:
Acquisition of property and equipment	(37,926)	(32,160)
Proceeds from disposition of property and equipment	4,431	18,429
Net cash flows used by investing activities	(33,495)	(13,731)
Cash flows from financing activities:
Change in checks outstanding in excess of bank balances	(223)
Proceeds from issuance of notes payable	19,217	29,674
Repayments of notes payable	(10,469)	(23,784)
Repayments of finance lease obligations	(1,373)	(799)
Proceeds under revolving credit facility	435,995	336,616
Repayments under revolving credit facility	(410,280)	(341,622)
Payment of minimum tax withholdings on stock compensation	(668)	(18)
Debt refinancing costs		(17)
Net cash flows provided by financing activities	32,199	50
Net change in cash and cash equivalents	7,874	23,015
Cash and cash equivalents at beginning of period	23,127	15,356
Cash and cash equivalents at end of period	$ 31,001	$ 38,371

XML 22 R9.htm IDEA: XBRL DOCUMENT

Note 1 - Significant Accounting Policies

3 Months Ended

Mar. 31, 2019

Significant Accounting Policies [Text Block]

Note

Significant Accounting Policies

Basis of Presentation

-Q and Article

of Regulation S-

promulgated under the Securities Act of

1933.

In preparing financial statements, it is necessary for management to make assumptions and estimates affecting the amounts reported in the condensed consolidated financial statements and related notes. These estimates and assumptions are developed based upon all information available. Actual results could differ from estimated amounts. In the opinion of management, the accompanying financial statements include all adjustments that are necessary for a fair presentation of the results for the interim periods presented, such adjustments being of a normal recurring nature.

Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The

December 31, 2018

, condensed consolidated balance sheet was derived from our audited balance sheet as of that date. Our operating results are subject to seasonal trends when measured on a quarterly basis; therefore operating results for the

three

months ended

March 31, 2019

are

not

necessarily indicative of the results that

may

be expected for the year ending

December 31, 2018

. These condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in our Form

-K for the year ended

December 31, 2018

. Results of operations in interim periods are

not

necessarily indicative of results to be expected for a full year.

Recent Accounting Pronouncements

Accounting Standards adopted

February 2016,

FASB issued ASU

2016

02,

which establishes Topic

842

to replace Topic

840

regarding accounting for leases. Topic

842

requires lessees to recognize a right-of-use asset and a lease liability for most leases on the balance sheet. Leases that were previously described as capital leases are now called finance leases, and operating leases with a term of at least

twelve

months are now required to be recorded on the balance sheet. We adopted this standard on

January 1, 2019

using the modified retrospective approach.

July 2018,

FASB issued ASU

2018

11,

which provides an optional transition method allowing application of Topic

842

as of the adoption date and recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, with

restatement of comparative prior periods. We have adopted the standard using this optional transition method.

Within Topic

842,

FASB has provided a number of practical expedients for applying the new lease standard in relation to leases that commenced prior to the standard's effective date. We have elected the package of practical expedients which allowed us, among other things, to carry forward the operating and capital lease classifications from Topic

840

to the new operating and finance lease classifications under Topic

842.

The adoption of this ASU resulted in the recognition of operating lease assets and liabilities totaling approximately

$40.2

million, comprised of

$14.6

million of current liabilities and

$25.6

million of long-term operating lease obligations.

Property and Equipment

five

years to salvage values of approximately

15%

of their cost. We generally depreciate new trailers over

seven

years for refrigerated trailers and

ten

years for dry van trailers to salvage values of approximately

25%

of their cost. We annually review the reasonableness of our estimates regarding useful lives and salvage values of our revenue equipment and other long-lived assets based upon, among other things, our experience with similar assets, conditions in the used revenue equipment market, and prevailing industry practice. Changes in the useful life or salvage value estimates, or fluctuations in market values that are

not

reflected in our estimates, could have a material effect on our results of operations. Gains and losses on the disposal of revenue equipment are included in depreciation expense in the consolidated statements of operations.

Leases

At the commencement date of a new lease agreement with contractual terms longer that

twelve

months, we recognize a right-of-use asset and a lease liability and categorize the lease as either finance or operating. Certain lease agreements have lease and nonlease components, and we have elected to account for these components separately.

Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the term of the lease. When the rate implicit in the lease is readily determinable, this rate is used for calculating the present value of remaining lease payments; otherwise, our incremental borrowing rate is used. Right-of-use assets also include prepaid lease expenses and initial direct costs of executing the leases, while they are reduced by landlord incentives. Options to extend or terminate a lease agreement are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Right-of-use assets are tested for impairment in the same manner as long-lived assets.

not

included in the lease liability for mileage charges on leased revenue equipment are expensed as incurred. Operating lease costs are recognized on a straight-line basis over the term of the lease within operating expenses.

XML 23 R10.htm IDEA: XBRL DOCUMENT

Note 2 - Income (Loss) Per Share

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Text Block]

Note

Income

(Loss)

Per

anti-dilutive shares for the

three

months ended

March 31, 2019

. There were

outstanding stock options at

March 31, 2019

. Income per share is the same for both Class A and Class B shares.

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)
	2019		2018
Numerator:
Net income	$	4,433	$	4,417
Denominator:
Denominator for basic income per share – weighted-average shares		18,381		18,331
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares		152		75
Denominator for diluted income per share adjusted weighted-average shares and assumed conversions		18,533		18,406

Net income per share:
Basic and diluted income per share	$	0.24	$	0.24

XML 24 R11.htm IDEA: XBRL DOCUMENT

Note 3 - Segment Information

3 Months Ended

Mar. 31, 2019

Segment Reporting Disclosure [Text Block]

Note

Segment Information

We have

two

reportable segments, Truckload, which is comprised of our truckload services, and Managed Freight, which provides freight brokerage and logistics services.

The Truckload segment consists of

four

service offerings that are aggregated because they have similar economic characteristics and meet the aggregation criteria. The

four

service offerings that comprise our Truckload segment are as follows: (i) Expedited, provided primarily by Covenant Transport, our historical flagship operation; (ii) Dedicated, provided by all of our operating fleets; (iii) Refrigerated, provided primarily through our Southern Refrigerated Transport, Inc. ("SRT") subsidiary; and (iv) over-the-road ("OTR"), provided primarily by our Landair Transport, Inc. subsidiary.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our

2018

Annual Report on Form

-K. Substantially all intersegment sales prices are market based. We evaluate performance based on operating income of the respective business units.

The following table summarizes our revenue by our

two

reportable segments, Truckload and Managed Freight, disaggregated to the operating fleet level as used by our chief operating decision maker in making decisions regarding allocation of resources, etc., organized

first

by reportable segment (i.e. Truckload and Managed Freight) and then by operating fleet for the

three

months ended

March 31, 2019

(in thousands)	Three Months Ended
	March 31,
	2019		2018
Total Revenues:

Truckload Segment:
Expedited	$	62,722	$	80,762
Dedicated		79,771		40,379
Refrigerated		25,605		33,407
OTR		4,562		-
Truckload Revenues		172,660		154,548

Managed Freight Segment:
Brokerage		24,307		18,093
Warehouse		8,260		-
TMS		8,370		-
Shuttle & Switching		3,736		-
Factoring		1,848		925
Managed Freight Revenues		46,521		19,018

Total	$	219,181	$	173,566

XML 25 R12.htm IDEA: XBRL DOCUMENT

Note 4 - Income Taxes

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Text Block]

Note

Income Taxes

Income tax expense in both

2019

and

2018

varies from the amount computed by applying the federal corporate income tax rates of

21%

to income before income taxes, primarily due to state income taxes, net of federal income tax effect, adjusted for permanent differences, the most significant of which is the effect of the per diem pay structure for drivers. Drivers who meet the requirements to receive per diem receive non-taxable per diem pay in lieu of a portion of their taxable wages. This per diem program increases our drivers' net pay per mile, after taxes, while decreasing gross pay, before taxes. As a result, salaries, wages, and related expenses are slightly lower and our effective income tax rate is higher than the statutory rate. Generally, as pre-tax income increases, the impact of the driver per diem program on our effective tax rate decreases, because aggregate per diem pay becomes smaller in relation to pre-tax income, while in periods where earnings are at or near breakeven the impact of the per diem program on our effective tax rate is significant. Due to the partially nondeductible effect of per diem pay, our tax rate will fluctuate in future periods based on fluctuations in earnings.

Our liability recorded for uncertain tax positions as of

March 31, 2019

has

increased

less than

$0.1

million

since

December 31, 2018

The net deferred tax liability of

$78.4

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

paid. The carrying value of our deferred tax assets assumes that we will be able to generate, based on certain estimates and assumptions, sufficient future taxable income in certain tax jurisdictions to utilize these deferred tax benefits. If these estimates and related assumptions change in the future, we

may

be required to establish a valuation allowance against the carrying value of the deferred tax assets, which would result in additional income tax expense. On a periodic basis, we assess the need for adjustment of the valuation allowance. Based on forecasted taxable income resulting from the reversal of deferred tax liabilities, primarily generated by accelerated depreciation for tax purposes in prior periods, and tax planning strategies available to us, a valuation allowance has been established at

March 31, 2019

, for

$0.1

million

related to certain state net operating loss carry-forwards. If these estimates and related assumptions change in the future, we

may

be required to modify our valuation allowance against the carrying value of the deferred tax assets.

XML 26 R13.htm IDEA: XBRL DOCUMENT

Note 5 - Debt

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Text Block]

Note

Debt

Current and long-term debt consisted of the following at

March 31, 2019

and

December 31, 2018

(in thousands)	March 31, 2019						December 31, 2018
	Current			Long-Term			Current			Long-Term
Borrowings under Credit Facility	$	-		$	29,626		$	-		$	3,911
Revenue equipment installment notes; weighted average interest rate of 3.8% at March 31, 2019, and 3.7% at December 31, 2018, due in monthly installments with final maturities at various dates ranging from April 2019 to July 2023, secured by related revenue equipment		30,880			145,049			27,809			139,115

Real estate notes; interest rate of 4.2% at March 31, 2019 and 4.1% at December 31, 2018 due in monthly installments with a fixed maturity at August 2035, secured by related real estate		1,059			23,494			1,048			23,763
Deferred loan costs		(147	)		(117	)		(147	)		(154	)
Total debt		31,792			198,052			28,710			166,635
Principal portion of finance lease obligations, secured by related revenue equipment		6,898			32,223			5,374			35,119
Principal portion of operating lease obligations, secured by related revenue equipment		2,300			38,700			-			-
Total debt and lease obligations	$	40,990		$	268,975		$	34,084		$	201,754

We and substantially all of our subsidiaries (collectively, the "Borrowers") are parties to the Credit Facility with Bank of America, N.A., as agent (the "Agent") and JPMorgan Chase Bank, N.A. ("JPM," and together with the Agent, the "Lenders"). The Credit Facility is a

$95.0

million revolving credit facility, with an uncommitted accordion feature that, so long as

event of default exists, allows us to request an increase in the revolving credit facility of up to

$50.0

million subject to Lender acceptance of the additional funding commitment. The Credit Facility includes, within our

$95.0

million revolving credit facility, a letter of credit sub facility in an aggregate amount of

$95.0

million and a swing line sub facility in an aggregate amount equal to the greater of

$10.0

million or

10%

of the Lenders' aggregate commitments under the Credit Facility from time-to-time. The Credit Facility matures in

September 2021.

0.5%,

or LIBOR plus

1.0%,

plus an applicable margin ranging from

0.5%

1.0%;

while LIBOR loans accrue interest at LIBOR, plus an applicable margin ranging from

1.5%

2.0%.

The applicable rates are adjusted quarterly based on average pricing availability. The unused line fee is the product of

0.25%

times the average daily amount by which the Lenders' aggregate revolving commitments under the Credit Facility exceed the outstanding principal amount of revolver loans and the aggregate undrawn amount of all outstanding letters of credit issued under the Credit Facility. The obligations under the Credit Facility are guaranteed by us and secured by a pledge of substantially all of our assets, with the notable exclusion of any real estate or revenue equipment pledged under other financing agreements, including revenue equipment installment notes and capital leases.

Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A)

$95.0

million, minus the sum of the stated amount of all outstanding letters of credit; or (B) the sum of (i)

85%

of eligible accounts receivable, plus (ii) the lesser of (a)

85%

of the appraised net orderly liquidation value of eligible revenue equipment, (b)

95%

of the net book value of eligible revenue equipment, or (c)

35%

of the Lenders' aggregate revolving commitments under the Credit Facility, plus (iii) the lesser of (a)

$25.0

million or (b)

75%

of the appraised fair market value of eligible real estate, as reduced by a periodic amortization amount. We had

$29.6

million

of borrowings outstanding under the Credit Facility as of

March 31, 2019

, undrawn letters of credit outstanding of approximately

$33.4

million

, and available borrowing capacity of

$32.0

million

. The interest rate on outstanding borrowings as of

March 31, 2019

, was

6.0%

$29.6

million

of base rate loans and there were

outstanding LIBOR loans. Based on availability as of

March 31, 2019

and

2018

, there was

fixed charge coverage requirement.

may

be accelerated, and the Lenders' commitments

may

be terminated. If an event of default occurs under the Credit Facility and the Lenders cause all of the outstanding debt obligations under the Credit Facility to become due and payable, this could result in a default under other debt instruments that contain acceleration or cross-default provisions. The Credit Facility contains certain restrictions and covenants relating to, among other things, debt, dividends, liens, acquisitions and dispositions outside of the ordinary course of business, and affiliate transactions. Failure to comply with the covenants and restrictions set forth in the Credit Facility could result in an event of default.

April 2019

July 2023

The notes contain certain requirements regarding payment, insuring of collateral, and other matters, but do

not

have any financial or other material covenants or events of default except certain notes totaling

$146.3

million

are cross-defaulted with the Credit Facility. Additional borrowings from the financial affiliates of our primary revenue equipment suppliers and other lenders are expected to be available to fund new tractors expected to be delivered in

2020,

while any other property and equipment purchases, including trailers, are expected to be funded with a combination of available cash, notes, operating leases, capital leases, and/or from the Credit Facility.

August 2015,

we financed a portion of the purchase of our corporate headquarters, a maintenance facility, and certain surrounding property in Chattanooga, Tennessee by entering into a

$28.0

million variable rate note with a

third

party lender. Concurrently with entering into the note, we entered into an interest rate swap to effectively fix the related interest rate to

4.2%.

XML 27 R14.htm IDEA: XBRL DOCUMENT

Note 6 - Stock-based Compensation

3 Months Ended

Mar. 31, 2019

Share-based Payment Arrangement [Text Block]

Note

Stock

-Based Compensation

Our

2006

Omnibus Incentive Plan, as amended (the "Incentive Plan") governs the issuance of equity awards and other incentive compensation to management and members of the board of directors. In

February 2013,

the Compensation Committee re-approved, subject to stockholder re-approval, the material terms of the performance-based goals under the Incentive Plan so that certain incentive awards granted thereunder would continue to qualify as exempt "performance-based compensation" under Internal Revenue Code Section

162

(m). Our stockholders re-approved the material terms of the performance-based goals under the Incentive Plan at our

2013

Annual Meeting held on

May 29, 2013.

March 31, 2019

50,960

of the abovementioned

1,550,000

shares were available for award under the Incentive Plan.

participant in the Incentive Plan

may

receive awards of any type of equity instruments in any calendar year that relates to more than

200,000

shares of our Class A common stock.

awards

may

be made under the Incentive Plan after

March 31, 2023.

To the extent available, we have issued treasury stock to satisfy all share-based incentive plans.

Included in salaries, wages, and related expenses within the condensed consolidated statements of operations

For the

three

months ended

March 31, 2019

and

2018

, is stock-based compensation expense of approximately

$1.3

million

and

$0.8

million

, respectively. All stock compensation expense recorded in

2019

and

2018

relates to restricted shares, as

unvested options were outstanding during these periods.

March 31, 2019

, certain participants elected to forfeit receipt of an aggregate of

29,390

shares of Class A common stock at a weighted average per share price of

$22.71

based on the closing price of our Class A common stock on the dates the shares vested in

2019

, in lieu of the federal and state minimum statutory tax withholding requirements. We remitted

$0.7

million

to the proper taxing authorities in satisfaction of the employees' minimum statutory withholding requirements.

XML 28 R15.htm IDEA: XBRL DOCUMENT

Note 7 - Commitments and Contingencies Liabilities

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Text Block]

Note

Commitments and Contingencies

not

likely to have a materially adverse effect on our consolidated financial statements.

We had

$33.4

million

and

$36.3

million

of outstanding and undrawn letters of credit as of

March 31, 2019

and

December 31, 2018

, respectively. The letters of credit are maintained primarily to support our insurance programs.

XML 29 R16.htm IDEA: XBRL DOCUMENT

Note 8 - Leases

3 Months Ended

Mar. 31, 2019

Lessee, Operating Leases [Text Block]

Note

Leases

We finance a portion of our revenue equipment, office and terminal properties, computer and office equipment, and other equipment using leases. A number of these leases include

one

or more options to renew or extend the agreements beyond the expiration date or to terminate the agreement prior to the lease expiration date, and such options are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Our lease obligations do

not

typically include residual value guarantees or material restrictive covenants A summary of our lease obligations at

March 31, 2019

are as follows:

(dollars in thousands)		Three months ended
		March 31, 2019
Lease Cost
Finance lease cost:
Amortization of right-of-use assets		1,411
Interest on lease liabilities		227
Operating lease cost		6,182
Variable lease cost		-

Total lease cost		$ 7,820

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases		1,146
Operating cash flows from operating leases		6,182
Financing cash flows from finance leases		227
Right-of-use assets obtained in exchange for new finance lease liabilities		-
Right-of-use assets obtained in exchange for new operating lease liabilities		4,146
Weighted-average remaining lease term—finance leases		3.5 years
Weighted-average remaining lease term—operating leases		3.6 years
Weighted-average discount rate—finance leases		3.0%
Weighted-average discount rate—operating leases		4.2%

Right-of-use assets of

$39.1

million

for operating leases and

$55.4

million

for finance leases are included in net property and equipment in our Condensed Consolidated Balance Sheets. Operating lease right-of-use asset amortization is included in revenue equipment rentals and purchased transportation, communication and utilities, and general supplies and expenses, depending on the underlying asset.

Our future minimum lease payments as of

March 31, 2019

are summarized as follows by lease category:

(in thousands)	Operating	Finance
2019 (1)	$ 12,521	$ 7,987
2020	12,551	7,966
2021	8,765	8,226
2022	6,567	10,003
2023	631	6,842
Thereafter	2,397	1,330
Total minimum lease payments	$ 43,432	$ 42,354
Less: amount representing interest	(3,269)	(3,233)
Present value of minimum lease payments	$ 40,163	$ 39,121
Less: current portion	(14,622)	(6,898)
Lease obligations, long-term	$ 25,541	$ 32,223

(

) Excludes the

three

months ended

March 31, 2019

XML 30 R17.htm IDEA: XBRL DOCUMENT

Note 9 - Equity Method Investment

3 Months Ended

Mar. 31, 2019

Equity Method Investment [Text Block]

Note

Equity Method Investment

We own a minority investment in Transport Enterprise Leasing, LLC ("TEL"). TEL is a tractor and trailer equipment leasing company and used equipment reseller. We have

not

guaranteed any of TEL's debt and have

obligation to provide funding, services, or assets. In

May 2016,

the operating agreement with TEL was amended to, among other things, remove the previously agreed to fixed date purchase options. TEL’s majority owners are generally restricted from transferring their interests in TEL, other than to certain permitted transferees, without our consent. We sold

tractors or trailers to TEL during the quarter ended

March 31, 2019

, and we sold

$0.1

million

to TEL during the same

2018

quarter. We received

$2.4

million

and

$2.1

million

, respectively, for providing various maintenance services, certain back-office functions, and for miscellaneous equipment. We recognized a net reversal of previously deferred gains totaling

less than

$0.1

million

and

$0.2

million

For the

three

months ended

March 31, 2019

and

2018

, respectively, representing

49%

of the gains on units sold to TEL less any gains previously deferred and recognized when the equipment was subsequently sold to a

third

party. Deferred gains, totaling

$0.2

million

March 31, 2019

, are being carried as a reduction in our investment in TEL. At

March 31, 2019

and

December 31, 2018

, we had accounts receivable from TEL of

$5.6

million

and

$7.2

million

, respectively, related to cash disbursements made pursuant to our performance of certain back-office and maintenance functions on TEL’s behalf.

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

2019

net income through

March 31, 2019

, or

$3.0

million

. Our investment in TEL, totaling

$29.1

million

and

$26.1

million

, at

March 31, 2019

and

December 31, 2018

, respectively, is included in other assets in the accompanying condensed consolidated balance sheets.

See TEL's summarized financial information below:

(in thousands)	As of March 31,		As of December 31,
	2019		2018
Current Assets	$	30,635	$	25,877
Non-current Assets		276,925		273,987
Current Liabilities		15,875		78,530
Non-current Liabilities		241,651		176,389
Total Equity	$	50,034	$	44,945

	For the three months ended		For the three months ended
	March 31, 2019		March 31, 2018
Revenue	$	27,483	$	25,141
Operating Expenses		20,000		20,624
Operating Income		7,483		4,517
Net Income	$	5,088	$	3,017

XML 31 R18.htm IDEA: XBRL DOCUMENT

Note 10 - Other Comprehensive Income ("OCI")

3 Months Ended

Mar. 31, 2019

Comprehensive Income (Loss) Note [Text Block]

Note

10.

ther

Comprehensive

Income

(

)

OCI is comprised of net income and other adjustments, including changes in the fair value of certain derivative financial instruments qualifying as cash flow hedges.

The following table summarizes the change in the components of our OCI balance for the periods presented (in thousands; presented net of tax):

Details about OCI Components	Amount Reclassified from OCI for the three months ended March 31, 2019			Affected Line Item in the Statement of Operations
Gains (losses) on cash flow hedges
Interest rate swap contracts	$	15		Interest expense
		(4	)	Income tax expense
	$	11		Net of tax

XML 32 R19.htm IDEA: XBRL DOCUMENT

Note 11 - Goodwill and Other Assets

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Text Block]

Note

11.

Goodwill and Other Assets

July 3, 2018,

we acquired

100%

of the outstanding stock of Landair Holdings, Inc., a Tennessee corporation (“Landair”). Landair is a dedicated and for-hire truckload carrier, as well as a supplier of transportation management, warehousing and logistics inventory management services. Landair’s results have been included in the consolidated financial statements since the date of acquisition. Landair’s trucking operations’ results are reported within our Truckload segment, while Landair’s logistics operations’ results are reported within our Managed Freight segment.

not

been completed as of

March 31, 2019

. A summary of the changes in carrying amount of goodwill is as follows:

(in thousands)

Balance at December 31, 2018	$	41,598
Post-acquisition goodwill adjustments		(868	)
Balance at March 31, 2019	$	40,730

A summary of other intangible assets as of

March 31, 2019

and

December 31, 2018

is as follows:

(in thousands)	March 31, 2019
	Gross intangible assets		Accumulated amortization			Net intangible assets		Life (months)
Trade name	$	4,400	$	(220	)	$	4,180		180
Non-Compete agreement		1,400	$	(210	)		1,190		60
Customer relationships		28,200	$	(1,763	)		26,437		144
Total	$	34,000	$	(2,193	)	$	31,807

	December 31, 2018
	Gross intangible assets		Accumulated amortization			Net intangible assets		Life (months)
Trade name	$	4,400	$	(147	)	$	4,253		180
Non-Compete agreement		1,400	$	(140	)		1,260		60
Customer relationships		28,200	$	(1,175	)		27,025		144
Total	$	34,000	$	(1,462	)	$	32,538

The above intangible assets have a weighted average life of

145

months. The expected amortization of these assets for the next

five

successive years is as follows:

	(In thousands)
2019	$	2,192
2020		2,923
2021		2,923
2022		2,923
2023		2,783
Thereafter		18,063

XML 33 R20.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The condensed consolidated financial statements include the accounts of Covenant Transportation 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 Transportation 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 -Q and Article 10 of Regulation S- X promulgated under the Securities Act of 1933. In preparing financial statements, it is necessary for management to make assumptions and estimates affecting the amounts reported in the condensed consolidated financial statements and related notes. These estimates and assumptions are developed based upon all information available. Actual results could differ from estimated amounts. In the opinion of management, the accompanying financial statements include all adjustments that are necessary for a fair presentation of the results for the interim periods presented, such adjustments being of a normal recurring nature. Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The December 31, 2018 , condensed consolidated balance sheet was derived from our audited balance sheet as of that date. Our operating results are subject to seasonal trends when measured on a quarterly basis; therefore operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . These condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10 -K for the year ended December 31, 2018 . Results of operations in interim periods are not necessarily indicative of results to be expected for a full year.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Accounting Standards adopted In February 2016, FASB issued ASU 2016 - 02, which establishes Topic 842 to replace Topic 840 regarding accounting for leases. Topic 842 requires lessees to recognize a right-of-use asset and a lease liability for most leases on the balance sheet. Leases that were previously described as capital leases are now called finance leases, and operating leases with a term of at least twelve months are now required to be recorded on the balance sheet. We adopted this standard on January 1, 2019 using the modified retrospective approach. In July 2018, FASB issued ASU 2018 - 11, which provides an optional transition method allowing application of Topic 842 as of the adoption date and recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, with no restatement of comparative prior periods. We have adopted the standard using this optional transition method. Within Topic 842, FASB has provided a number of practical expedients for applying the new lease standard in relation to leases that commenced prior to the standard's effective date. We have elected the package of practical expedients which allowed us, among other things, to carry forward the operating and capital lease classifications from Topic 840 to the new operating and finance lease classifications under Topic 842. The adoption of this ASU resulted in the recognition of operating lease assets and liabilities totaling approximately $40.2 million, comprised of $14.6 million of current liabilities and $25.6 million of long-term operating lease obligations.
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, while depreciation for tax purposes is generally recorded using an accelerated method. Depreciation of revenue equipment is our largest item of depreciation. We have historically depreciated new tractors (excluding day cabs) over five years to salvage values of approximately 15% of their cost. We generally depreciate new trailers over seven years for refrigerated trailers and ten years for dry van trailers to salvage values of approximately 25% of their cost. We annually review the reasonableness of our estimates regarding useful lives and salvage values of our revenue equipment and other long-lived assets based upon, among other things, our experience with similar assets, conditions in the used revenue equipment market, and prevailing industry practice. Changes in the useful life or salvage value estimates, or fluctuations in market values that are not reflected in our estimates, could have a material effect on our results of operations. Gains and losses on the disposal of revenue equipment are included in depreciation expense in the consolidated statements of operations.
Lessee, Leases [Policy Text Block]	Leases At the commencement date of a new lease agreement with contractual terms longer that twelve months, we recognize a right-of-use asset and a lease liability and categorize the lease as either finance or operating. Certain lease agreements have lease and nonlease components, and we have elected to account for these components separately. Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the term of the lease. When the rate implicit in the lease is readily determinable, this rate is used for calculating the present value of remaining lease payments; otherwise, our incremental borrowing rate is used. Right-of-use assets also include prepaid lease expenses and initial direct costs of executing the leases, while they are reduced by landlord incentives. Options to extend or terminate a lease agreement are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Right-of-use assets are tested for impairment in the same manner as long-lived assets. Right-of-use assets are included in net property and equipment. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest expense, which is recorded in interest expense, net. Operating lease right-of-use assets are amortized over the lease term on a straight-line basis, and the lease liability is measured at the present value of the remaining lease payments. Variable lease payments not included in the lease liability for mileage charges on leased revenue equipment are expensed as incurred. Operating lease costs are recognized on a straight-line basis over the term of the lease within operating expenses.

XML 34 R21.htm IDEA: XBRL DOCUMENT

Note 2 - Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

(in thousands except per share data)
	2019		2018
Numerator:
Net income	$	4,433	$	4,417
Denominator:
Denominator for basic income per share – weighted-average shares		18,381		18,331
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares		152		75
Denominator for diluted income per share adjusted weighted-average shares and assumed conversions		18,533		18,406

Net income per share:
Basic and diluted income per share	$	0.24	$	0.24

XML 35 R22.htm IDEA: XBRL DOCUMENT

Note 3 - Segment Information (Tables)

3 Months Ended

Mar. 31, 2019

Disaggregation of Revenue [Table Text Block]

(in thousands)	Three Months Ended
	March 31,
	2019		2018
Total Revenues:

Truckload Segment:
Expedited	$	62,722	$	80,762
Dedicated		79,771		40,379
Refrigerated		25,605		33,407
OTR		4,562		-
Truckload Revenues		172,660		154,548

Managed Freight Segment:
Brokerage		24,307		18,093
Warehouse		8,260		-
TMS		8,370		-
Shuttle & Switching		3,736		-
Factoring		1,848		925
Managed Freight Revenues		46,521		19,018

Total	$	219,181	$	173,566

XML 36 R23.htm IDEA: XBRL DOCUMENT

Note 5 - Debt (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Debt [Table Text Block]

(in thousands)	March 31, 2019						December 31, 2018
	Current			Long-Term			Current			Long-Term
Borrowings under Credit Facility	$	-		$	29,626		$	-		$	3,911
Revenue equipment installment notes; weighted average interest rate of 3.8% at March 31, 2019, and 3.7% at December 31, 2018, due in monthly installments with final maturities at various dates ranging from April 2019 to July 2023, secured by related revenue equipment		30,880			145,049			27,809			139,115

Real estate notes; interest rate of 4.2% at March 31, 2019 and 4.1% at December 31, 2018 due in monthly installments with a fixed maturity at August 2035, secured by related real estate		1,059			23,494			1,048			23,763
Deferred loan costs		(147	)		(117	)		(147	)		(154	)
Total debt		31,792			198,052			28,710			166,635
Principal portion of finance lease obligations, secured by related revenue equipment		6,898			32,223			5,374			35,119
Principal portion of operating lease obligations, secured by related revenue equipment		2,300			38,700			-			-
Total debt and lease obligations	$	40,990		$	268,975		$	34,084		$	201,754

XML 37 R24.htm IDEA: XBRL DOCUMENT

Note 8 - Leases (Tables)

3 Months Ended

Mar. 31, 2019

Lease, Cost [Table Text Block]

(dollars in thousands)		Three months ended
		March 31, 2019
Lease Cost
Finance lease cost:
Amortization of right-of-use assets		1,411
Interest on lease liabilities		227
Operating lease cost		6,182
Variable lease cost		-

Total lease cost		$ 7,820

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases		1,146
Operating cash flows from operating leases		6,182
Financing cash flows from finance leases		227
Right-of-use assets obtained in exchange for new finance lease liabilities		-
Right-of-use assets obtained in exchange for new operating lease liabilities		4,146
Weighted-average remaining lease term—finance leases		3.5 years
Weighted-average remaining lease term—operating leases		3.6 years
Weighted-average discount rate—finance leases		3.0%
Weighted-average discount rate—operating leases		4.2%

Lessee, Lease Liability, Maturity [Table Text Block]

(in thousands)	Operating	Finance
2019 (1)	$ 12,521	$ 7,987
2020	12,551	7,966
2021	8,765	8,226
2022	6,567	10,003
2023	631	6,842
Thereafter	2,397	1,330
Total minimum lease payments	$ 43,432	$ 42,354
Less: amount representing interest	(3,269)	(3,233)
Present value of minimum lease payments	$ 40,163	$ 39,121
Less: current portion	(14,622)	(6,898)
Lease obligations, long-term	$ 25,541	$ 32,223

XML 38 R25.htm IDEA: XBRL DOCUMENT

Note 9 - Equity Method Investment (Tables)

3 Months Ended

Mar. 31, 2019

Balance Sheet [Member]

Equity Method Investments [Table Text Block]

(in thousands)	As of March 31,		As of December 31,
	2019		2018
Current Assets	$	30,635	$	25,877
Non-current Assets		276,925		273,987
Current Liabilities		15,875		78,530
Non-current Liabilities		241,651		176,389
Total Equity	$	50,034	$	44,945

Income Statement [Member]

Equity Method Investments [Table Text Block]

	For the three months ended		For the three months ended
	March 31, 2019		March 31, 2018
Revenue	$	27,483	$	25,141
Operating Expenses		20,000		20,624
Operating Income		7,483		4,517
Net Income	$	5,088	$	3,017

XML 39 R26.htm IDEA: XBRL DOCUMENT

Note 10 - Other Comprehensive Income ("OCI") (Tables)

3 Months Ended

Mar. 31, 2019

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

Details about OCI Components	Amount Reclassified from OCI for the three months ended March 31, 2019			Affected Line Item in the Statement of Operations
Gains (losses) on cash flow hedges
Interest rate swap contracts	$	15		Interest expense
		(4	)	Income tax expense
	$	11		Net of tax

XML 40 R27.htm IDEA: XBRL DOCUMENT

Note 11 - Goodwill and Other Assets (Tables)

3 Months Ended

Mar. 31, 2019