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Note 12 - Acquisition of Landair Holdings, Inc. (Tables)

9 Months Ended

Sep. 30, 2018

Notes Tables

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

		(in thousands)
Cash paid						$	106,700
Allocated to:
Historical book value of Landair’s assets and liabilities		$	25,589
Adjustments to recognize assets and liabilities at acquisition-date fair value:
Property, plant, and equipment			(7,450	)
Other assets			(1,094	)
Liabilities			(829	)
Fair value of tangible net assets acquired							16,216
Post-acquisition goodwill adjustments							(114	)
Identifiable intangibles at acquisition-date fair value							34,000
Debt paid at closing							15,512
Excess of consideration transferred over the net amount of assets and liabilities recognized						$	41,086
Cash paid pursuant to Stock Purchase Agreement						$	106,700
Cash acquired included in historical book value of Landair assets and liabilities							(754	)
Net purchase price						$	105,946

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

(in thousands)
		July 3, 2018
Cash and cash equivalents		$	754
Accounts receivable			12,610
Driver advances and other receivables			4,295
Inventory and supplies			3
Prepaid expenses			1,010
Assets held for sale			128
Net property and equipment			26,164
Other assets, net			22
Other intangibles, net			34,000
Total identifiable assets acquired			78,986
Accounts payable			(5,475	)
Accrued expenses			(5,015	)
Insurance and claims accrual			(2,645	)
Other short-term liabilities			(123	)
Total liabilities assumed			(13,258	)
Net identifiable assets acquired			65,728
Goodwill			40,972
Net assets acquired			106,700

Business Acquisition, Pro Forma Information [Table Text Block]

(in thousands)		Three months ended
		September 30, 2018
Total revenue		$	41,490
Net income		$	1,956

(in thousands)		Three months ended September 30,								Nine months ended September 30,
		2018				2017				2018				2017
Total revenue		$	243,303			$	208,842			$	687,937			$	592,333
Net income		$	11,614			$	4,882			$	28,886			$	6,892
Basic net income per share		$	0.63			$	0.27			$	1.58			$	0.38
Diluted net income per share		$	0.63			$	0.27			$	1.57			$	0.38

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- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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