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Note 16 - Subsequent Events
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Subsequent Events [Text Block]

16.

SUBSEQUENT EVENTS

 

On January 26, 2022, our Board of Directors approved a quarterly cash dividend program of $0.0625 per share, subject to quarterly approval by our Board of Directors. Our Board of Directors has approved the first dividend, which will be for stockholders of record as of March 4, 2022, and payable on March 25, 2022.

 

On February 9, 2022, we acquired AAT Carriers, Inc. ("AAT") headquartered in Chattanooga, TN. AAT will become a part of our Expedited reportable segment. AAT specializes in highly regulated, time-sensitive loads for the U.S. government. For 2021, AAT generated approximately $25 million in revenue. The purchase price includes a substantial earnout component based on AAT's adjusted earnings before interest, taxes, depreciation, and amortization reported for the first and second years following closing. The total purchase price, including any earnout achieved, is expected to range from $35 million to $55 million depending on the results achieved by AAT. The initial accounting for the acquisition is incomplete. The transaction included a Code Section 338(h)(10) election and is expected to be immediately accretive to earnings per diluted share.

 

On February 10, 2022, our Board of Directors adopted a 10b5-1 plan for the purchase of up $30.0 million in shares subject to defined trading parameters, under our current stock repurchase program authorizing the purchase of up to $38.0 million of our Class A common stock.