22 unchanged sentences
Covenant Transportation;
−Removed: Echo Global Logistics;
Heartland Express;
−Removed: Kansas City Southern;
Knight-Swift Transportation;
7 unchanged sentences
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
−Removed: On May 14, 2019, our Board of Directors approved and announced a new stock repurchase program under which the Company is authorized to repurchase up to 5,000,000 shares of its common stock.
+Added: On November 9, 2021, our Board of Directors approved and announced a new stock repurchase program under which the Company is authorized to repurchase up to 6,000,000 shares of its common stock.
+Added: On the same day, our Board of Directors withdrew the previous stock repurchase authorization that was approved on May 14, 2019, which had 1,496,983 shares remaining available for repurchase.
As of December 31, 2021 , the Company had purchased 977,886 shares pursuant to the new authorization and had 5,022,114 shares remaining available for repurchase.
1 unchanged sentence
The authorization will continue unless withdrawn by the Board of Directors.
−Removed: The following table summarizes our stock repurchases during fourth quarter 2020 made pursuant to this authorization.
−Removed: The Company did not purchase any shares during fourth quarter 2020 other than pursuant to this authorization.
−Removed: All stock repurchases were made by the Company or on its behalf and not by any “affiliated purchaser”, as defined by Rule 10b-18 of the Exchange Act.
+Added: The following table summarizes our stock repurchases during fourth quarter 2021 made pursuant to the May 2019 (140,459 shares) and November 2021 (977,886 shares) stock repurchase authorizations.
+Added: The Company did not purchase any shares during fourth quarter 2021 other than pursuant to these authorizations.
+Added: Al l stock repurchases were made by the Company or on its behalf and not by any “affiliated purchaser”, as defined by Rule 10b-18 of the Exchange Act.
Issuer Purchases of Equity Securities
−Removed: Period Total Number of Shares (or Units) Purchased Average Price Paid per Share (or Unit) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
+Added: Period Total Number of Shares
+Added: (or Units) Purchased Average Price Paid
+Added: per Share (or Unit) Total Number of Shares
+Added: (or Units) Purchased as
+Added: Part of Publicly Announced
+Added: Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
October 1-31, 2021 — $ — — 1,637,442
2 unchanged sentences
Total 1,118,345 $ 45.76 1,118,345
−Removed: SELECTED FINANCIAL DATA
−Removed: The following selected financial data should be read in conjunction with the consolidated financial statements and notes under Item 8 of Part II of this Form 10-K.
−Removed: (In thousands, except per share amounts)
−Removed: 2020 2019 2018 2017 2016
−Removed: Operating revenues $ 2,372,178 $ 2,463,701 $ 2,457,914 $ 2,116,737 $ 2,008,991
−Removed: Net income (1)
−Removed: 169,078 166,944 168,148 202,889 79,129
−Removed: Diluted earnings per share (1)
−Removed: 2.44 2.38 2.33 2.80 1.09
−Removed: Cash dividends declared per share (2)
−Removed: 0.36 4.11 0.34 0.27 0.24
−Removed: Total assets 2,156,676 2,143,864 2,083,504 1,807,991 1,793,003
−Removed: Total debt 200,000 300,000 125,000 75,000 180,000
−Removed: Stockholders’ equity (1)
−Removed: 1,195,040 1,111,008 1,264,753 1,184,782 994,787
−Removed: Book value per share (1) (3)
−Removed: 17.59 16.04 17.95 16.36 13.78
−Removed: Return on average stockholders’ equity (1) (4)
−Removed: 14.7 % 14.6 % 13.7 % 19.5 % 8.2 %
−Removed: Return on average total assets (1) (5)
−Removed: 8.0 % 7.8 % 8.7 % 11.5 % 4.7 %
−Removed: Operating ratio (consolidated) (6)
−Removed: 90.4 % 90.8 % 90.9 % 93.2 % 93.7 %
−Removed: (1) Includes the $110.5 million, or $1.52 per diluted share, non-cash reduction in income tax expense in 2017 resulting from the revaluation of net deferred income tax liabilities due to the Tax Cuts and Jobs Act of 2017.
−Removed: Excluding this item, return on average total assets was 5.3%, and return on average stockholders’ equity was 9.0% for 2017.
−Removed: Management believes the exclusion of the tax reform benefit provides a more useful comparison of the Company’s performance from period to period.
−Removed: (2) Includes a $3.75 per share special dividend declared in May 2019.
−Removed: (3) Stockholders’ equity divided by common shares outstanding as of the end of the period.
−Removed: Book value per share indicates the dollar value remaining for common shareholders if all assets were liquidated at recorded amounts and all debts were paid at recorded amounts.
−Removed: (4) Net income expressed as a percentage of average stockholders’ equity.
−Removed: Return on equity is a measure of a corporation’s profitability relative to recorded shareholder investment.
−Removed: (5) Net income expressed as a percentage of average total assets.
−Removed: Return on assets is a measure of a corporation’s profitability relative to recorded assets.
−Removed: (6) Operating expenses expressed as a percentage of operating revenues.
−Removed: Operating ratio is a common measure used in the trucking industry to evaluate profitability.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.