XML 34 R2.htm IDEA: XBRL DOCUMENT v3.24.0.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay Versus Performance Table
Below is information regarding the relationship between executive compensation and our financial performance for each of the fiscal years ended December 31, 2023, 2022, 2021 and 2020. In determining the “compensation actually paid” to our Named Executive Officers, SEC rules require us to make various adjustments to amounts reported in the Summary Compensation Table because the SEC’s valuation methods for this section differ from those required in the Summary Compensation Table. The table below summarizes compensation values reported in our Summary Compensation Table, as well as the adjusted values required in this section by SEC rules.
 
             
 

Value of Initial Fixed

$100 Investment
Based on:
 

 
 
   
Year
 
Summary
Compensation
Table Total
for Current
PEO
($)(1)
   
Summary
Compensation
Table Total
for Former
PEO
($)(1)
   
Compensation
Actually Paid
to Current
PEO
($)(2)
   
Compensation
Actually Paid
to Former
PEO
($)(2)
   
Average
Summary
Compensation
Table Total
for
Non-PEO
NEOs ($)(1)
   
Average
Compensation
Actually Paid
to
Non-PEO
NEOs
($)(1)(2)
   
Total
Shareholder
Return ($)
   
Peer Group
Total
Shareholder
Return
($)(3)
   
Net Income
($)
   
Operating
Income ($)(4)
 
2023
  $ 5,730,859           $ 17,257,547           $ 2,058,019     $ 5,735,521     $ 470.60     $ 130.87     $ 354,857,000     $ 460,496,000  
2022
  $ 4,523,872           $ (3,078,337         $ 1,616,138     $ (394,499   $ 225.17     $ 97.55     $ 357,422,000     $ 470,488,000  
2021
  $ 4,937,517           $ 16,313,494           $ 1,563,271     $ 5,643,403     $ 361.93     $ 120.41     $ 253,235,000     $ 335,141,000  
2020
  $ 2,430,138     $ 2,692,691     $ 10,089,077     $ 15,866,394     $ 948,322     $ 2,395,295     $ 194.16     $ 106.29     $ 138,340,000     $ 180,321,000  
                                                                                 
 
(1)
Our Principal Executive Officer (“PEO”) and the remaining Named Executive Officers for the relevant fiscal year, as determined under SEC rules, are as follows:
 
Year
  
Current PEO
 
Former PEO
 
Non-PEO
NEOs
2023
   Frederick J. Holzgrefe III  
 
  Douglas L. Col, Rohit Lal, Raymond R. Ramu, and Patrick D. Sugar
2022
   Frederick J. Holzgrefe III  
 
  Douglas L. Col, Raymond R. Ramu, Patrick D. Sugar and Anthony Norwood
2021
   Frederick J. Holzgrefe III  
 
  Douglas L. Col, Raymond R. Ramu, Patrick D. Sugar and Rohit Lal
2020
   Frederick J. Holzgrefe III   Richard D. O’Dell   Douglas L. Col, Robert S. Chambers, Raymond R. Ramu, Paul C. Peck and Karla J. Staver
 
(2)
“Compensation actually paid” to our Named Executive Officers represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, as adjusted per SEC rules as follows:
 
   
2020
   
2021
   
2022
   
2023
 
Adjustments
 
Current
PEO
   
Former
PEO
   
Average non-
PEO NEOs
   
Current
PEO
   
Average non-
PEO NEOs
   
Current
PEO
   
Average non-
PEO NEOs
   
Current
PEO
   
Average non-
PEO NEOs
 
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY
  $ (1,126,107   $ (1,957,361   $ (363,579   $ (2,386,158   $ (588,865   $ (2,394,308   $ (715,715   $ (3,382,889   $ (1,017,459
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End
  $ 2,839,979     $ 5,850,426     $ 833,446     $ 5,042,837     $ 1,215,977     $ 1,398,460     $ 459,173     $ 5,795,923     $ 1,743,218  
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End
  $ 5,788,843     $ 8,957,943     $ 995,686     $ 8,003,541     $ 3,166,405     $ (4,315,909   $ (1,255,471   $ 7,617,848     $ 2,228,303  
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date
  $ 156,224     $ 322,695     $ 103,053     $ 715,757     $ 286,615     $ (2,290,452   $ (498,624   $ 1,495,805     $ 723,440  
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End
  $ 0     $ 0     $ (121,633   $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
TOTAL ADJUSTMENTS
  $ 7,658,939     $ 13,173,703     $ 1,446,973     $ 11,375,977     $ 4,080,132     $ (7,602,209   $ (2,010,637   $ 11,526,688     $ 3,677,502  
(3)
For the relevant fiscal year, represents the cumulative total shareholder return of the NASDAQ Transportation Index (the “Peer Group TSR”).
 
(4)
The Company selected measure is operating income which is a GAAP measure used in the annual cash incentive plan.
     
Company Selected Measure Name operating income      
Named Executive Officers, Footnote
(1)
Our Principal Executive Officer (“PEO”) and the remaining Named Executive Officers for the relevant fiscal year, as determined under SEC rules, are as follows:
 
Year
  
Current PEO
 
Former PEO
 
Non-PEO
NEOs
2023
   Frederick J. Holzgrefe III  
 
  Douglas L. Col, Rohit Lal, Raymond R. Ramu, and Patrick D. Sugar
2022
   Frederick J. Holzgrefe III  
 
  Douglas L. Col, Raymond R. Ramu, Patrick D. Sugar and Anthony Norwood
2021
   Frederick J. Holzgrefe III  
 
  Douglas L. Col, Raymond R. Ramu, Patrick D. Sugar and Rohit Lal
2020
   Frederick J. Holzgrefe III   Richard D. O’Dell   Douglas L. Col, Robert S. Chambers, Raymond R. Ramu, Paul C. Peck and Karla J. Staver
     
Peer Group Issuers, Footnote For the relevant fiscal year, represents the cumulative total shareholder return of the NASDAQ Transportation Index (the “Peer Group TSR”).      
Adjustment To PEO Compensation, Footnote
(2)
“Compensation actually paid” to our Named Executive Officers represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, as adjusted per SEC rules as follows:
 
   
2020
   
2021
   
2022
   
2023
 
Adjustments
 
Current
PEO
   
Former
PEO
   
Average non-
PEO NEOs
   
Current
PEO
   
Average non-
PEO NEOs
   
Current
PEO
   
Average non-
PEO NEOs
   
Current
PEO
   
Average non-
PEO NEOs
 
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY
  $ (1,126,107   $ (1,957,361   $ (363,579   $ (2,386,158   $ (588,865   $ (2,394,308   $ (715,715   $ (3,382,889   $ (1,017,459
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End
  $ 2,839,979     $ 5,850,426     $ 833,446     $ 5,042,837     $ 1,215,977     $ 1,398,460     $ 459,173     $ 5,795,923     $ 1,743,218  
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End
  $ 5,788,843     $ 8,957,943     $ 995,686     $ 8,003,541     $ 3,166,405     $ (4,315,909   $ (1,255,471   $ 7,617,848     $ 2,228,303  
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date
  $ 156,224     $ 322,695     $ 103,053     $ 715,757     $ 286,615     $ (2,290,452   $ (498,624   $ 1,495,805     $ 723,440  
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End
  $ 0     $ 0     $ (121,633   $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
TOTAL ADJUSTMENTS
  $ 7,658,939     $ 13,173,703     $ 1,446,973     $ 11,375,977     $ 4,080,132     $ (7,602,209   $ (2,010,637   $ 11,526,688     $ 3,677,502  
     
Non-PEO NEO Average Total Compensation Amount $ 2,058,019 $ 1,616,138 $ 1,563,271 $ 948,322
Non-PEO NEO Average Compensation Actually Paid Amount $ 5,735,521 (394,499) 5,643,403 2,395,295
Adjustment to Non-PEO NEO Compensation Footnote
(2)
“Compensation actually paid” to our Named Executive Officers represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, as adjusted per SEC rules as follows:
 
   
2020
   
2021
   
2022
   
2023
 
Adjustments
 
Current
PEO
   
Former
PEO
   
Average non-
PEO NEOs
   
Current
PEO
   
Average non-
PEO NEOs
   
Current
PEO
   
Average non-
PEO NEOs
   
Current
PEO
   
Average non-
PEO NEOs
 
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY
  $ (1,126,107   $ (1,957,361   $ (363,579   $ (2,386,158   $ (588,865   $ (2,394,308   $ (715,715   $ (3,382,889   $ (1,017,459
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End
  $ 2,839,979     $ 5,850,426     $ 833,446     $ 5,042,837     $ 1,215,977     $ 1,398,460     $ 459,173     $ 5,795,923     $ 1,743,218  
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End
  $ 5,788,843     $ 8,957,943     $ 995,686     $ 8,003,541     $ 3,166,405     $ (4,315,909   $ (1,255,471   $ 7,617,848     $ 2,228,303  
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date
  $ 156,224     $ 322,695     $ 103,053     $ 715,757     $ 286,615     $ (2,290,452   $ (498,624   $ 1,495,805     $ 723,440  
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End
  $ 0     $ 0     $ (121,633   $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
TOTAL ADJUSTMENTS
  $ 7,658,939     $ 13,173,703     $ 1,446,973     $ 11,375,977     $ 4,080,132     $ (7,602,209   $ (2,010,637   $ 11,526,688     $ 3,677,502  
     
Compensation Actually Paid vs. Total Shareholder Return
LOGO
     
Compensation Actually Paid vs. Net Income
LOGO
     
Compensation Actually Paid vs. Company Selected Measure
LOGO
     
Tabular List, Table
Pay Versus Performance Tabular List
We believe the following financial performance measures represent the most important financial performance measures used by us to link compensation actually paid to our Named Executive Officers for the fiscal year ended December 31, 2023 to Company performance:
 
Company Selected Measures
Operating Income
Operating Ratio
Total Shareholder Return
     
Total Shareholder Return Amount $ 470.6 225.17 361.93 194.16
Peer Group Total Shareholder Return Amount 130.87 97.55 120.41 106.29
Net Income (Loss) $ 354,857,000 $ 357,422,000 $ 253,235,000 $ 138,340,000
Company Selected Measure Amount 460,496,000 470,488,000 335,141,000 180,321,000
Measure:: 1        
Pay vs Performance Disclosure        
Name Operating Income      
Non-GAAP Measure Description The Company selected measure is operating income which is a GAAP measure used in the annual cash incentive plan.      
Measure:: 2        
Pay vs Performance Disclosure        
Name Operating Ratio      
Measure:: 3        
Pay vs Performance Disclosure        
Name Total Shareholder Return      
Frederick J Holzgrefe III [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount $ 5,730,859 $ 4,523,872 $ 4,937,517 $ 2,430,138
PEO Actually Paid Compensation Amount $ 17,257,547 $ (3,078,337) $ 16,313,494 $ 10,089,077
PEO Name Frederick J. Holzgrefe III Frederick J. Holzgrefe III Frederick J. Holzgrefe III Frederick J. Holzgrefe III
Richard D. ODell [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount $ 0 $ 0 $ 0 $ 2,692,691
PEO Actually Paid Compensation Amount 0 0 0 $ 15,866,394
PEO Name       Richard D. O’Dell
PEO | Frederick J Holzgrefe III [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 11,526,688 7,602,209 11,375,977 $ 7,658,939
PEO | Frederick J Holzgrefe III [Member] | Deduction For Amounts Reported Under The Stock Awards And Option Awards Columns In The Summary Compensation Table For Applicable Fy [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 3,382,889 2,394,308 2,386,158 1,126,107
PEO | Frederick J Holzgrefe III [Member] | Increase Based On Asc 718 Fair Value Of Awards Granted During Applicable Fy That Remain Unvested As Of Applicable Fy End, Determined As Of Applicable Fy End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 5,795,923 1,398,460 5,042,837 2,839,979
PEO | Frederick J Holzgrefe III [Member] | Increase Deduction For Awards Granted During Prior Fy That Were Outstanding And Unvested As Of Applicable Fy End, Determined Based On Change In Asc 718 Fair Value From Prior Fy End To Applicable Fy End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 7,617,848 4,315,909 8,003,541 5,788,843
PEO | Frederick J Holzgrefe III [Member] | Increase Deduction For Awards Granted During Prior Fy That Vested During Applicable Fy Determined Based On Change In Asc 718 Fair Value From Prior Fy End To Vesting Date [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,495,805 2,290,452 715,757 156,224
PEO | Frederick J Holzgrefe III [Member] | Deduction Of Asc 718 Fair Value Of Awards Granted During Prior Fy That Were Forfeited During Applicable Fy Determined As Of Prior Fy End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Richard D. ODell [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       13,173,703
PEO | Richard D. ODell [Member] | Deduction For Amounts Reported Under The Stock Awards And Option Awards Columns In The Summary Compensation Table For Applicable Fy [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       1,957,361
PEO | Richard D. ODell [Member] | Increase Based On Asc 718 Fair Value Of Awards Granted During Applicable Fy That Remain Unvested As Of Applicable Fy End, Determined As Of Applicable Fy End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       5,850,426
PEO | Richard D. ODell [Member] | Increase Deduction For Awards Granted During Prior Fy That Were Outstanding And Unvested As Of Applicable Fy End, Determined Based On Change In Asc 718 Fair Value From Prior Fy End To Applicable Fy End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       8,957,943
PEO | Richard D. ODell [Member] | Increase Deduction For Awards Granted During Prior Fy That Vested During Applicable Fy Determined Based On Change In Asc 718 Fair Value From Prior Fy End To Vesting Date [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       322,695
PEO | Richard D. ODell [Member] | Deduction Of Asc 718 Fair Value Of Awards Granted During Prior Fy That Were Forfeited During Applicable Fy Determined As Of Prior Fy End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       0
Non-PEO NEO        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 3,677,502 2,010,637 4,080,132 1,446,973
Non-PEO NEO | Deduction For Amounts Reported Under The Stock Awards And Option Awards Columns In The Summary Compensation Table For Applicable Fy [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,017,459 715,715 588,865 363,579
Non-PEO NEO | Increase Based On Asc 718 Fair Value Of Awards Granted During Applicable Fy That Remain Unvested As Of Applicable Fy End, Determined As Of Applicable Fy End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,743,218 459,173 1,215,977 833,446
Non-PEO NEO | Increase Deduction For Awards Granted During Prior Fy That Were Outstanding And Unvested As Of Applicable Fy End, Determined Based On Change In Asc 718 Fair Value From Prior Fy End To Applicable Fy End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,228,303 1,255,471 3,166,405 995,686
Non-PEO NEO | Increase Deduction For Awards Granted During Prior Fy That Vested During Applicable Fy Determined Based On Change In Asc 718 Fair Value From Prior Fy End To Vesting Date [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 723,440 498,624 286,615 103,053
Non-PEO NEO | Deduction Of Asc 718 Fair Value Of Awards Granted During Prior Fy That Were Forfeited During Applicable Fy Determined As Of Prior Fy End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 0 $ 0 $ 0 $ 121,633