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Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Return on Capital

 

Value of Initial Fixed $100

Employed (Adjusted

 

Average

Average

Investment Based On:

ROCE)

 

Summary

Summary

Compensation

Peer Group

 

Compensation

Compensation

Compensation

Actually Paid

Total

    

Total

 

Table Total

Actually Paid

Table Total for

to Non-PEO

Shareholder

Shareholder

Net Income

Average

 

for PEO

to PEO(1)

Non-PEO NEOs

NEOs(1)

Return(2)

Return(3)

(millions)(4)

1 Year(5)

3 Year(5)

 

Year (a)

(b)

(c)

 

(d)

 

(e)

(f)

(g)

(h)

(i)

(j)

2024

 

4,495,698

 

3,710,611

 

1,232,110

 

944,432

 

348.68

 

226.81

 

173.96

 

12.4

%  

23.5

%

2023

 

6,315,108

 

10,548,681

 

1,737,578

 

2,508,269

 

447.38

 

234.79

 

195.43

 

20.1

%  

28.6

%

2022

 

6,430,893

 

384,908

 

2,097,211

 

342,776

 

259.47

 

172.36

 

298.21

 

39.9

%  

26.7

%

2021

 

6,006,289

 

16,582,019

 

2,131,000

 

5,779,949

 

441.63

 

209.49

 

213.52

 

34.8

%  

19.4

%

2020

 

4,174,608

 

6,594,027

 

1,648,558

 

2,599,276

 

156.55

 

133.23

 

71.10

 

15.4

%  

11.7

%

(1)

Reflects the CAP for the PEO and the average CAP for the Non-PEO NEOs for the covered years, as computed in accordance with Item 402(v) of Regulation S-K. The following adjustments were made to the Summary Compensation Table total compensation to determine the CAP:

    

    

    

    

Reported Change in the

    

    

Reported Summary

Reported Value of

Equity Award

Actuarial Present Value of

Pension Benefit

Compensation Table Total(i)

Equity Awards(ii)

Adjustments(iii)

Pension Benefits(iv)

Adjustments(v)

Compensation Actually Paid

Year

A

B

C

D

E

A-B+C-D+E

Company’s PEO

 

  

 

  

 

  

 

  

 

  

 

  

2024

 

4,495,698

 

989,748

 

214,693

 

10,032

 

 

3,710,611

Average of Non-PEO NEOs

 

 

  

 

  

 

  

 

  

 

  

2024

 

1,232,110

 

224,285

 

(63,393)

 

 

 

944,432

(i)

Reflects the amounts (or the average amounts for the Non-PEO NEOs) reported in the “Total” column of the Summary Compensation Table for the covered year.

(ii)

Reflects the grant date fair value of equity awards granted to the PEO (or the average amounts with regard to the Non-PEO NEOs) as reported in the “Stock Awards” column in the Summary Compensation Table for the covered year.

(iii)

The equity award adjustments for the covered year include the addition (or subtraction, as applicable) as set forth in the table below. The fair values of equity awards were calculated using closing stock price as of the applicable valuation dates and are not adjusted for present value of dividends (which are not payable with respect to RSUs granted to Named Executive Officers).

    

    

Year over Year Change in Fair

    

    

    

Year End Fair Value of

Value of Outstanding and

Year over Year Change in Fair Value of

Fair value of

Equity Awards Granted

Unvested

Equity Awards Granted in Prior Years

forfeited awards at

Total Equity Award

Year

During the Fiscal Year

Equity Awards

that Vested in the Year

end of prior year

Adjustments

Company’s PEO

 

  

 

  

 

  

 

  

2024

 

797,886

 

(395,310)

 

(187,883)

 

 

214,693

Average of Non-PEO NEOs

 

  

 

  

 

  

 

  

2024

 

137,647

 

(65,000)

 

(39,842)

 

96,198

 

(63,393)

(iv)

Reflects the amounts reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the Summary Compensation Table for the covered years.

(v)

These amounts reflect the actuarially determined service cost for services rendered during the applicable year. The Company’s legacy non-contractual defined benefit pension plan was terminated effective December 31, 2017, and fully liquidated as of December 31, 2019. Therefore, no services costs were incurred in any of the covered years.

(2)

Total Shareholder Return (TSR) is calculated assuming $100 was invested on December 31, 2019, with reinvestment of dividends. All calculations have been prepared by Zacks Investment Research, Inc.

(3)

The 2024 peer group includes the following companies: Covenant Logistics Group, Inc., Forward Air Corporation, Hub Group, Inc., J.B. Hunt Transport Services, Inc., Knight-Swift Transportation Holdings, Inc., Landstar System, Inc., Old Dominion Freight Line, Inc., RXO, Inc., Saia, Inc., Schneider National, Inc., TFI International Inc., Werner Enterprises, Inc., and XPO, Inc. Our 2024 peer group is identical to our 2023 peer group, except that RXO, Inc. and XPO, Inc. were not included in the 2023 peer group.  The following table sets forth the TSR for the 2023 peer group for each of the five years reported:

Year

    

2023 Peer Group Total Shareholder Return

2024

 

216.56

2023

 

235.83

2022

 

180.19

2021

216.63

2020

 

130.88

(4)

Net income as reported in the Company’s audited financial statements for each covered year, which includes, for the applicable years, income from discontinued operations.

(5)

Reflects the one-year and three-year average Adjusted ROCE of the Company as approved by the Compensation Committee for purposes of the Company’s annual cash incentive compensation plan and long-term cash incentive compensation plan for each covered year. The Company has determined that one-year Adjusted ROCE as used in its annual cash incentive compensation plan is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link CAP to the Named Executive Officers, for the most recently completed fiscal year, to Company performance. Because the Company uses three-year average Adjusted ROCE in its long-term cash incentive program as discussed in greater detail in “Compensation Discussion & Analysis — Components of Compensation — Long-Term Incentive Compensation,” the Company is providing, on a supplemental basis, its three-year average Adjusted ROCE for each covered year. For more information, see the section below titled “Financial Performance Measures.”

       
Company Selected Measure Name Adjusted ROCE        
Named Executive Officers, Footnote Ms. McReynolds served as Principal Executive Officer (“PEO”) in each year. The names of the non-PEO Named Executive Officers (the “Non-PEO NEOs”) included for purposes of calculating the average amounts in each covered year are as follows: (i) for 2024, Seth K. Runser, J. Matthew Beasley, Dennis L Anderson II and Michael E. Newcity; (ii) for 2023, J. Matthew Beasley, Seth K. Runser, Dennis L. Anderson II, Michael E. Newcity and David R. Cobb; (iii) for 2022, David R. Cobb, Michael E. Newcity, Seth K. Runser, Daniel E. Loe and Dennis L. Anderson II; (iv) for 2021, David R. Cobb, Michael E. Newcity, James A. Ingram and Dennis L. Anderson II; and (v) for 2020, Timothy D. Thorne, David R. Cobb, Michael E. Newcity and James A. Ingram.        
Peer Group Issuers, Footnote

(3)

The 2024 peer group includes the following companies: Covenant Logistics Group, Inc., Forward Air Corporation, Hub Group, Inc., J.B. Hunt Transport Services, Inc., Knight-Swift Transportation Holdings, Inc., Landstar System, Inc., Old Dominion Freight Line, Inc., RXO, Inc., Saia, Inc., Schneider National, Inc., TFI International Inc., Werner Enterprises, Inc., and XPO, Inc. Our 2024 peer group is identical to our 2023 peer group, except that RXO, Inc. and XPO, Inc. were not included in the 2023 peer group.  The following table sets forth the TSR for the 2023 peer group for each of the five years reported:

Year

    

2023 Peer Group Total Shareholder Return

2024

 

216.56

2023

 

235.83

2022

 

180.19

2021

216.63

2020

 

130.88

       
Changed Peer Group, Footnote Our 2024 peer group is identical to our 2023 peer group, except that RXO, Inc. and XPO, Inc. were not included in the 2023 peer group.        
PEO Total Compensation Amount $ 4,495,698 $ 6,315,108 $ 6,430,893 $ 6,006,289 $ 4,174,608
PEO Actually Paid Compensation Amount $ 3,710,611 10,548,681 384,908 16,582,019 6,594,027
Adjustment To PEO Compensation, Footnote

    

    

    

    

Reported Change in the

    

    

Reported Summary

Reported Value of

Equity Award

Actuarial Present Value of

Pension Benefit

Compensation Table Total(i)

Equity Awards(ii)

Adjustments(iii)

Pension Benefits(iv)

Adjustments(v)

Compensation Actually Paid

Year

A

B

C

D

E

A-B+C-D+E

Company’s PEO

 

  

 

  

 

  

 

  

 

  

 

  

2024

 

4,495,698

 

989,748

 

214,693

 

10,032

 

 

3,710,611

Average of Non-PEO NEOs

 

 

  

 

  

 

  

 

  

 

  

2024

 

1,232,110

 

224,285

 

(63,393)

 

 

 

944,432

(i)

Reflects the amounts (or the average amounts for the Non-PEO NEOs) reported in the “Total” column of the Summary Compensation Table for the covered year.

(ii)

Reflects the grant date fair value of equity awards granted to the PEO (or the average amounts with regard to the Non-PEO NEOs) as reported in the “Stock Awards” column in the Summary Compensation Table for the covered year.

(iii)

The equity award adjustments for the covered year include the addition (or subtraction, as applicable) as set forth in the table below. The fair values of equity awards were calculated using closing stock price as of the applicable valuation dates and are not adjusted for present value of dividends (which are not payable with respect to RSUs granted to Named Executive Officers).

    

    

Year over Year Change in Fair

    

    

    

Year End Fair Value of

Value of Outstanding and

Year over Year Change in Fair Value of

Fair value of

Equity Awards Granted

Unvested

Equity Awards Granted in Prior Years

forfeited awards at

Total Equity Award

Year

During the Fiscal Year

Equity Awards

that Vested in the Year

end of prior year

Adjustments

Company’s PEO

 

  

 

  

 

  

 

  

2024

 

797,886

 

(395,310)

 

(187,883)

 

 

214,693

Average of Non-PEO NEOs

 

  

 

  

 

  

 

  

2024

 

137,647

 

(65,000)

 

(39,842)

 

96,198

 

(63,393)

(iv)

Reflects the amounts reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the Summary Compensation Table for the covered years.

(v)

These amounts reflect the actuarially determined service cost for services rendered during the applicable year. The Company’s legacy non-contractual defined benefit pension plan was terminated effective December 31, 2017, and fully liquidated as of December 31, 2019. Therefore, no services costs were incurred in any of the covered years.

       
Non-PEO NEO Average Total Compensation Amount $ 1,232,110 1,737,578 2,097,211 2,131,000 1,648,558
Non-PEO NEO Average Compensation Actually Paid Amount $ 944,432 2,508,269 342,776 5,779,949 2,599,276
Adjustment to Non-PEO NEO Compensation Footnote

    

    

    

    

Reported Change in the

    

    

Reported Summary

Reported Value of

Equity Award

Actuarial Present Value of

Pension Benefit

Compensation Table Total(i)

Equity Awards(ii)

Adjustments(iii)

Pension Benefits(iv)

Adjustments(v)

Compensation Actually Paid

Year

A

B

C

D

E

A-B+C-D+E

Company’s PEO

 

  

 

  

 

  

 

  

 

  

 

  

2024

 

4,495,698

 

989,748

 

214,693

 

10,032

 

 

3,710,611

Average of Non-PEO NEOs

 

 

  

 

  

 

  

 

  

 

  

2024

 

1,232,110

 

224,285

 

(63,393)

 

 

 

944,432

(i)

Reflects the amounts (or the average amounts for the Non-PEO NEOs) reported in the “Total” column of the Summary Compensation Table for the covered year.

(ii)

Reflects the grant date fair value of equity awards granted to the PEO (or the average amounts with regard to the Non-PEO NEOs) as reported in the “Stock Awards” column in the Summary Compensation Table for the covered year.

(iii)

The equity award adjustments for the covered year include the addition (or subtraction, as applicable) as set forth in the table below. The fair values of equity awards were calculated using closing stock price as of the applicable valuation dates and are not adjusted for present value of dividends (which are not payable with respect to RSUs granted to Named Executive Officers).

    

    

Year over Year Change in Fair

    

    

    

Year End Fair Value of

Value of Outstanding and

Year over Year Change in Fair Value of

Fair value of

Equity Awards Granted

Unvested

Equity Awards Granted in Prior Years

forfeited awards at

Total Equity Award

Year

During the Fiscal Year

Equity Awards

that Vested in the Year

end of prior year

Adjustments

Company’s PEO

 

  

 

  

 

  

 

  

2024

 

797,886

 

(395,310)

 

(187,883)

 

 

214,693

Average of Non-PEO NEOs

 

  

 

  

 

  

 

  

2024

 

137,647

 

(65,000)

 

(39,842)

 

96,198

 

(63,393)

(iv)

Reflects the amounts reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the Summary Compensation Table for the covered years.

(v)

These amounts reflect the actuarially determined service cost for services rendered during the applicable year. The Company’s legacy non-contractual defined benefit pension plan was terminated effective December 31, 2017, and fully liquidated as of December 31, 2019. Therefore, no services costs were incurred in any of the covered years.

       
Compensation Actually Paid vs. Total Shareholder Return

CAP vs. Company TSR and Peer Group TSR

The following graph compares the CAP to Ms. McReynolds and the average amount of CAP to the Non-PEO NEOs with the Company’s cumulative TSR and the peer group TSR over the five years presented. TSR is calculated assuming $100 was invested on December 31, 2019, with reinvestment of dividends. The Company’s cumulative TSR over the five-year period was $348.68, while the cumulative TSR of the peer group was $226.81 over the same period.

CAP VS. COMPANY TSR AND PEER GROUP TSR

Graphic

       
Compensation Actually Paid vs. Net Income

CAP vs. Net Income

The following graph compares the CAP to Ms. McReynolds and the average amount of CAP to the Non-PEO NEOs with our net income over the five years presented. While we do not use net income as a compensation performance metric in our executive compensation program, the measure of net income may correlate to Adjusted Operating Income, which we use in our AIP. Because a significant portion of CAP is comprised of equity awards, which have multi-year vesting periods, CAP is more heavily impacted by fluctuations in stock price year-over-year, as compared to net income.

CAP VS. NET INCOME

Graphic

       
Compensation Actually Paid vs. Company Selected Measure

CAP vs. Annual and Three-Year Average Adjusted ROCE

The following graph compares the CAP to Ms. McReynolds and the average amount of CAP to the Non-PEO NEOs with (i) our one-year Adjusted ROCE, calculated in accordance with our AIP, and (ii) on a supplemental basis, the average three-year Adjusted ROCE, calculated in accordance with our C-LTIP program, each over the five years presented. While the Company uses several financial performance measures to evaluate performance for purposes of its executive compensation program, the Company has determined that one-year Adjusted ROCE as used in the AIP is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link CAP to the Named Executive Officers, for the most recently completed fiscal year, to Company performance.

CAP VS. ANNUAL AND THREE-YEAR AVERAGE ADJUSTED ROCE

Graphic

       
Total Shareholder Return Vs Peer Group

CAP vs. Company TSR and Peer Group TSR

The following graph compares the CAP to Ms. McReynolds and the average amount of CAP to the Non-PEO NEOs with the Company’s cumulative TSR and the peer group TSR over the five years presented. TSR is calculated assuming $100 was invested on December 31, 2019, with reinvestment of dividends. The Company’s cumulative TSR over the five-year period was $348.68, while the cumulative TSR of the peer group was $226.81 over the same period.

CAP VS. COMPANY TSR AND PEER GROUP TSR

Graphic

       
Tabular List, Table

As described in greater detail in “Executive Compensation — Compensation Discussion & Analysis,” the Company’s executive compensation program reflects a variable pay-for-performance philosophy. The financial performance measures set forth in the table below (in unranked order), in the Company’s assessment, represent the most important financial performance measures used by the Company to link CAP to the Company’s named executive officers, for the most recently completed fiscal year, to the Company’s performance. The measures are utilized in our annual incentive compensation plan (“AIP”) and our cash long-term incentive compensation plan (“C-LTIP”) and are designed with the objective of aligning the executives’ interests with those of the Company’s stockholders.

Performance Measure

    

Compensation Weighting

    

For More Information

Adjusted Operating Income

 

60% of AIP

 

Page 45

Adjusted ROCE

 

40% of AIP

 

Page 45

Average Adjusted ROCE for the three-year performance period

 

60% of C-LTIP

 

Page 47

Relative TSR

 

40% of C-LTIP

 

Page 48

       
Total Shareholder Return Amount $ 348.68 447.38 259.47 441.63 156.55
Peer Group Total Shareholder Return Amount 226.81 234.79 172.36 209.49 133.23
Net Income (Loss) $ 173,960,000 $ 195,430,000 $ 298,210,000 $ 213,520,000 $ 71,100,000
Company Selected Measure Amount 12.4 20.1 39.9 34.8 15.4
PEO Name Ms. McReynolds Ms. McReynolds Ms. McReynolds Ms. McReynolds Ms. McReynolds
Equity Awards Adjustments, Footnote

(iii)

The equity award adjustments for the covered year include the addition (or subtraction, as applicable) as set forth in the table below. The fair values of equity awards were calculated using closing stock price as of the applicable valuation dates and are not adjusted for present value of dividends (which are not payable with respect to RSUs granted to Named Executive Officers).

    

    

Year over Year Change in Fair

    

    

    

Year End Fair Value of

Value of Outstanding and

Year over Year Change in Fair Value of

Fair value of

Equity Awards Granted

Unvested

Equity Awards Granted in Prior Years

forfeited awards at

Total Equity Award

Year

During the Fiscal Year

Equity Awards

that Vested in the Year

end of prior year

Adjustments

Company’s PEO

 

  

 

  

 

  

 

  

2024

 

797,886

 

(395,310)

 

(187,883)

 

 

214,693

Average of Non-PEO NEOs

 

  

 

  

 

  

 

  

2024

 

137,647

 

(65,000)

 

(39,842)

 

96,198

 

(63,393)

       
Prior Year Peer Group Total Shareholder Return $ 216.56 $ 235.83 $ 180.19 $ 216.63 $ 130.88
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted Operating Income        
Adjusted Operating Income, Compensation Weighting % of AIP 60.00%        
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted ROCE        
Adjusted ROCE, Compensation Weighting % of AIP 40.00%        
Measure:: 3          
Pay vs Performance Disclosure          
Other Performance Measure, Amount 23.5 28.6 26.7 19.4 11.7
Name Average Adjusted ROCE for the three-year performance period        
Average Adjusted ROCE for the three-year performance period, Compensation Weighting % of C-LTIP 60.00%        
Measure:: 4          
Pay vs Performance Disclosure          
Name Relative TSR        
Relative TSR, Compensation Weighting % of C-LTIP 40.00%        
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (10,032)        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (989,748)        
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 214,693        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 797,886        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (395,310)        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (187,883)        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (224,285)        
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (63,393)        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 137,647        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (65,000)        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (39,842)        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 96,198