Saia (SAIA) 10-Q28 Apr 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 26, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	Saia, Inc.
Entity Central Index Key	0001177702
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		26,532,778
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	0-49983
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	48-1229851
Document Quarterly Report	true
Document Transition Report	false
Entity Address, Address Line One	11465 Johns Creek Parkway
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Johns Creek
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30097
City Area Code	770
Local Phone Number	232-5067
Title of each class	Common Stock, par value $.001 per share
Trading Symbol	SAIA
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 166,425	$ 187,390
Accounts receivable, net	294,917	290,306
Prepaid expenses	38,635	22,525
Income tax receivable	6,391	23,438
Other current assets	7,146	7,227
Total current assets	513,514	530,886
Property and Equipment, at cost	2,602,963	2,478,824
Less: accumulated depreciation	1,034,649	996,204
Net property and equipment	1,568,314	1,482,620
Operating Lease Right-of-Use Assets	115,484	120,455
Goodwill and Identifiable Intangibles, net	17,936	18,149
Other Noncurrent Assets	27,551	22,600
Total assets	2,242,799	2,174,710
Current Liabilities:
Accounts payable	108,362	99,792
Wages, vacation and employees’ benefits	54,706	66,684
Claims and insurance accruals	43,276	45,481
Other current liabilities	24,479	22,684
Current portion of long-term debt	14,452	14,519
Current portion of operating lease liability	25,256	24,925
Total current liabilities	270,531	274,085
Other Liabilities:
Long-term debt, less current portion	12,052	16,489
Operating lease liability, less current portion	93,649	98,581
Deferred income taxes	151,509	145,771
Claims, insurance and other	64,118	60,443
Total other liabilities	321,328	321,284
Stockholders’ Equity:
Preferred stock, $0.001 par value, 50,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.001 par value, 100,000,000 shares authorized, 26,532,778 and 26,464,197 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	27	26
Additional paid-in-capital	273,274	277,366
Deferred compensation trust, 70,812 and 69,982 shares of common stock at cost at March 31, 2023 and December 31, 2022, respectively	(5,655)	(5,248)
Retained earnings	1,383,294	1,307,197
Total stockholders’ equity	1,650,940	1,579,341
Total liabilities and stockholders’ equity	$ 2,242,799	$ 2,174,710

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000	50,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	26,532,778	26,464,197
Common stock, shares outstanding	26,532,778	26,464,197
Deferred compensation trust	70,812	69,982

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Operating Revenue	$ 660,535	$ 661,216
Operating Expenses:
Salaries, wages and employees' benefits	298,956	289,463
Purchased Transportations	46,727	78,248
Fuel, operating expenses and supplies	141,625	122,771
Operating taxes and licenses	17,065	16,573
Claims and insurance	14,059	10,736
Depreciation and amortization	42,880	39,952
Other operating, net	80	24
Total operating expenses	561,392	557,767
Operating Income	99,143	103,449
Nonoperating Expenses (Income):
Interest expense	688	692
Other, net	(643)	235
Nonoperating expenses, net	45	927
Income Before Income Taxes	99,098	102,522
Income Tax Provision	23,001	23,098
Net Income	$ 76,097	$ 79,424
Weighted average common shares outstanding - basic	26,600	26,391
Weighted average common shares outstandin - diluted	26,702	26,670
Basic Earnings Per Share	$ 2.86	$ 3.01
Diluted Earnings Per Share	$ 2.85	$ 2.98

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Deferred Compensation Trust [Member]	Retained Earnings [Member]
Beginning Balance at Dec. 31, 2021	$ 1,220,333	$ 26	$ 274,633	$ (4,101)	$ 949,775
Beginning Balance, Shares at Dec. 31, 2021		26,337
Stock compensation, including options and long-term incentives	2,056		2,056
Exercise of stock options less shares withheld for taxes	907		907
Exercise of stock options less shares withheld for taxes, Shares		10
Shares issued for long-term incentive awards, net of shares withheld for taxes, Shares		61
Shares issued for long-term incentive awards, net of shares withheld for taxes	(11,230)		(11,230)
Purchase of shares by Deferred Compensation Trust			2,445	(2,445)
Sale of shares by Deferred Compensation Trust			(1,066)	1,066
Net income	79,424				79,424
Ending Balance at Mar. 31, 2022	1,291,490	$ 26	267,745	(5,480)	1,029,199
Ending Balance, Shares at Mar. 31, 2022		26,408
Beginning Balance at Dec. 31, 2022	1,579,341	$ 26	277,366	(5,248)	1,307,197
Beginning Balance, Shares at Dec. 31, 2022		26,464
Stock compensation, including options and long-term incentives	2,225		2,225
Exercise of stock options less shares withheld for taxes	2,204		2,204
Exercise of stock options less shares withheld for taxes, Shares		21
Shares issued for long-term incentive awards, net of shares withheld for taxes, Shares		48
Shares issued for long-term incentive awards, net of shares withheld for taxes	(8,927)	$ (1)	(8,928)
Purchase of shares by Deferred Compensation Trust			474	(474)
Sale of shares by Deferred Compensation Trust			(67)	67
Net income	76,097				76,097
Ending Balance at Mar. 31, 2023	$ 1,650,940	$ 27	$ 273,274	$ (5,655)	$ 1,383,294
Ending Balance, Shares at Mar. 31, 2023		26,533

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities:
Net income	$ 76,097	$ 79,424
Noncash items included in net income:
Depreciation and amortization	42,880	39,952
Deferred income taxes	5,738	(2,030)
Other, net	2,968	181
Changes in operating assets and liabilities:
Accounts receivable	(5,276)	(46,831)
Accounts payable	7,008	28,118
Change in other assets, liabilities, net	(10,145)	(2,853)
Net cash provided by operating activities	119,270	95,961
Investing Activities:
Acquisition of property and equipment	(128,415)	(46,259)
Proceeds from disposal of property and equipment	360	883
Net cash used in investing activities	(128,055)	(45,376)
Financing Activities:
Proceeds from stock option exercises	2,204	907
Shares withheld for taxes	(8,927)	(11,230)
Repayment of finance leases	(4,504)	(5,525)
Other financing activity	(953)
Net cash used in financing activities	(12,180)	(15,848)
Net Increase (Decrease) in Cash and Cash Equivalents	(20,965)	34,737
Cash and Cash Equivalents, beginning of period	187,390	106,588
Cash and Cash Equivalents, end of period	$ 166,425	$ 141,325

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(1) Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Saia, Inc. and its wholly-owned subsidiaries (together, the Company or Saia). All significant intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The condensed consolidated financial statements have been prepared by the Company without audit by the independent registered public accounting firm. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, stockholders’ equity and cash flows for the interim periods included herein have been made. These interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information, the instructions to Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted from these statements. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Operating results for the quarter ended March 31, 2023 are not necessarily indicative of the results of operations that may be expected for the year ended December 31, 2023 . Business The Company provides national less-than-truckload (LTL) services through a single integrated organization. While more than 97 percent of its revenue has been derived from transporting LTL shipments across 45 states, the Company also offers customers a wide range of other value-added services, including non-asset truckload, expedited transportation and logistics services across North America. The Company’s customer base is diversified across numerous industries. Revenue Recognition The Company’s revenues are derived primarily from the transportation of freight as it satisfies performance obligations that arise from contracts with its customers. The Company’s performance obligations arise when it receives a bill of lading (BOL) to transport a customer's commodities at negotiated prices contained in either a transportation services agreement or a publicly disclosed tariff rate. Once a BOL is received and accepted, a legally-enforceable contract is formed whereby the parties are committed to perform and the rights of the parties, shipping terms and conditions, and payment terms have been identified. Each shipment represents a distinct service that is a separately identified performance obligation. The typical transit time to complete a shipment is from one to five days . Billing for transportation services normally occurs after completion of the service and payment is generally due within 30 days after the invoice date. The Company recognizes revenue related to the Company’s LTL, non-asset truckload and expedited transportation services over the transit time of the shipment as it moves from origin to destination based on the transit status at the end of each reporting period. Key estimates included in the recognition and measurement of revenue and related accounts receivable are as follows: • Revenue associated with shipments in transit is recognized ratably over transit time; and • Adjustments to revenue for billing adjustments and collectability. The portion of the gross invoice related to interline transportation services that involve the services of another party, such as another LTL service provider, is not recorded in the Company’s revenues. Revenue from logistics services is recognized as the services are provided. Claims and Insurance Accruals The Company maintains a significant amount of insurance coverage with third-party insurance carriers that provides various levels of protection for covered risk exposure, including in the areas of workers’ compensation, bodily injury and property damage, casualty, cargo loss and damage and group health, with coverage limits, retention amounts and deductible amounts that vary based on policy periods and claim type. Claims and insurance accruals related to workers’ compensation, bodily injury and property damage, casualty, cargo loss and damage and group health are established by management based on estimates of losses that the Company will ultimately incur on reported claims and on claims that have been incurred but not yet reported. Accruals are calculated on reported claims based on an evaluation of the nature and severity of the claim, historical loss experience and on legal, economic and other factors. Actuarial analysis is also used in calculating the accruals for workers’ compensation and bodily injury and property damage claims.

Computation of Earnings Per Sha

Computation of Earnings Per Share	3 Months Ended
Computation of Earnings Per Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Computation of Earnings Per Share	(2) Computation of Earnings Per Share The calculation of basic earnings per common share and diluted earnings per common share was as follows (in thousands, except per share amounts): First Quarter 2023 2022 Numerator: Net income $ 76,097 $ 79,424 Denominator: Denominator for basic earnings per share–weighted 26,600 26,391 Dilutive effect of share-based awards 102 279 Denominator for diluted earnings per share–adjusted 26,702 26,670 Basic Earnings Per Share $ 2.86 $ 3.01 Diluted Earnings Per Share $ 2.85 $ 2.98 For the quarters ended March 31, 2023 and 2022, options and restricted stock for 29,120 and 15,808 shares of common stock, respectively, were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(3) Commitments and Contingencies The Company is subject to legal proceedings that arise in the ordinary course of its business. Management believes that adequate provisions for the resolution of all contingencies, claims and pending litigation have been made for probable and estimable losses and that the ultimate outcome of these actions will not have a material adverse effect on its financial condition but could have a material adverse effect on the results of operations in a given quarter or annual period.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	(4) Fair Value of Financial Instruments The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximated fair value as of March 31, 2023 and December 31, 2022, because of the relatively short maturity of these instruments. Based on the borrowing rates currently available to the Company for debt with similar terms and remaining maturities, the estimated fair value of total debt at March 31, 2023 and December 31, 2022 was $ 26.7 million and $ 31.2 million, respectively, based upon level two inputs in the fair value hierarchy. The carrying value of the debt was $ 26.5 million and $ 31.0 million at March 31, 2023 and December 31, 2022 , respectively.

Debt and Financing Arrangements

Debt and Financing Arrangements	3 Months Ended
Debt and Financing Arrangements	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt and Financing Arrangements	(5) Debt and Financing Arrangements At March 31, 2023 and December 31, 2022, debt consisted of the following (in thousands): March 31, 2023 December 31, 2022 Credit Agreement with Banks, described below $ — $ — Finance Leases, described below 26,504 31,008 Total debt 26,504 31,008 Less: current portion of long-term debt 14,452 14,519 Long-term debt, less current portion $ 12,052 $ 16,489 The Company’s liquidity needs arise primarily from capital investment in new equipment, land and structures, information technology and letters of credit required under insurance programs, as well as funding working capital requirements. Credit Agreement Prior to February 3, 2023, the Company was a party to a Sixth Amended and Restated Credit Agreement with a banking group (the Amended Credit Agreement), that provided up to a $ 300 million revolving line of credit through February 2024 . The Amended Credit Agreement also had an accordion feature that allowed for an additional $ 100 million availability, subject to certain conditions and availability of lender commitments. Under the Amended Credit Agreement, the Company was required to maintain a minimum debt service coverage ratio set at 1.25 to 1.00 and a maximum leverage ratio set at 3.25 to 1.00. The Amended Credit Agreement provided for a pledge by the Company of certain land and structures, accounts receivable and other assets to secure indebtedness under this agreement. The Amended Credit Agreement contained certain customary representations and warranties, affirmative and negative covenants and provisions relating to events of default. On February 3, 2023, the Company entered into a new unsecured credit agreement with a banking group (the 2023 Credit Agreement) and terminated the Amended Credit Agreement. The 2023 Credit Agreement maintains the amount of the previous line of credit of $ 300 million and extends the term until February 2028. The 2023 Credit Agreement contains an accordion feature that allows the Company to increase the size of the facility by up to $ 150 million, subject to certain conditions and availability of lender commitments, for a total borrowing capacity of up to $ 450 million. Under the 2023 Credit Agreement, the Company is subject to a maximum consolidated net lease adjusted leverage ratio of less than 3.50 to 1.00 with the potential to be temporarily increased in the event the Company makes an acquisition that meets certain criteria. The 2023 Credit Agreement contains certain customary representations and warranties, affirmative and negative covenants and provisions relating to events of default. Under the 2023 Credit Agreement, if an event of default occurs, the banks will be entitled to take various actions, including the acceleration of amounts due. At March 31, 2023 and December 31, 2022, the Company had no outstanding borrowings and outstanding letters of credit of $ 31.2 million and $ 31.2 million, respectively, under these credit agreements. The available portion of the 2023 Credit Agreement may be used for general corporate purposes, including capital expenditures, working capital and letter of credit requirements, as needed. Finance Leases The Company is obligated under finance leases with seven-year original terms covering revenue equipment. Total liabilities recognized under finance leases were $ 26.5 million and $ 31.0 million as of March 31, 2023 and December 31, 2022, respectively. Amortization of assets held under the finance leases is included in depreciation and amortization expense. As of March 31, 2023 and December 31, 2022, approximately $ 55.6 million and $ 60.5 million of finance leased assets, net of depreciation, were included in Property and Equipment, respectively. The weighted average interest rates for the finance leases at March 31, 2023 and December 31, 2022 were 3.8 percent and 3.7 percent, respectively. Principal Maturities of Long-Term Debt The principal maturities of long-term debt, including interest on finance leases, for the next five years (in thousands) are as follows: Amount 2023 $ 10,629 2024 10,604 2025 5,453 2026 995 2027 — Thereafter — Total 27,681 Less: Amounts Representing Interest on Finance Leases 1,177 Total $ 26,504

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Saia, Inc. and its wholly-owned subsidiaries (together, the Company or Saia). All significant intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The condensed consolidated financial statements have been prepared by the Company without audit by the independent registered public accounting firm. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, stockholders’ equity and cash flows for the interim periods included herein have been made. These interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information, the instructions to Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted from these statements. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Operating results for the quarter ended March 31, 2023 are not necessarily indicative of the results of operations that may be expected for the year ended December 31, 2023 .
Business	Business The Company provides national less-than-truckload (LTL) services through a single integrated organization. While more than 97 percent of its revenue has been derived from transporting LTL shipments across 45 states, the Company also offers customers a wide range of other value-added services, including non-asset truckload, expedited transportation and logistics services across North America. The Company’s customer base is diversified across numerous industries.
Revenue Recognition	Revenue Recognition The Company’s revenues are derived primarily from the transportation of freight as it satisfies performance obligations that arise from contracts with its customers. The Company’s performance obligations arise when it receives a bill of lading (BOL) to transport a customer's commodities at negotiated prices contained in either a transportation services agreement or a publicly disclosed tariff rate. Once a BOL is received and accepted, a legally-enforceable contract is formed whereby the parties are committed to perform and the rights of the parties, shipping terms and conditions, and payment terms have been identified. Each shipment represents a distinct service that is a separately identified performance obligation. The typical transit time to complete a shipment is from one to five days . Billing for transportation services normally occurs after completion of the service and payment is generally due within 30 days after the invoice date. The Company recognizes revenue related to the Company’s LTL, non-asset truckload and expedited transportation services over the transit time of the shipment as it moves from origin to destination based on the transit status at the end of each reporting period. Key estimates included in the recognition and measurement of revenue and related accounts receivable are as follows: • Revenue associated with shipments in transit is recognized ratably over transit time; and • Adjustments to revenue for billing adjustments and collectability. The portion of the gross invoice related to interline transportation services that involve the services of another party, such as another LTL service provider, is not recorded in the Company’s revenues. Revenue from logistics services is recognized as the services are provided.
Claims and Insurance Accruals	Claims and Insurance Accruals The Company maintains a significant amount of insurance coverage with third-party insurance carriers that provides various levels of protection for covered risk exposure, including in the areas of workers’ compensation, bodily injury and property damage, casualty, cargo loss and damage and group health, with coverage limits, retention amounts and deductible amounts that vary based on policy periods and claim type. Claims and insurance accruals related to workers’ compensation, bodily injury and property damage, casualty, cargo loss and damage and group health are established by management based on estimates of losses that the Company will ultimately incur on reported claims and on claims that have been incurred but not yet reported. Accruals are calculated on reported claims based on an evaluation of the nature and severity of the claim, historical loss experience and on legal, economic and other factors. Actuarial analysis is also used in calculating the accruals for workers’ compensation and bodily injury and property damage claims.

Computation of Earnings Per S_2

Computation of Earnings Per Share (Tables)	3 Months Ended
Computation of Earnings Per Share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Summary of Calculation of Basic Earnings Per Common Share and Diluted Earnings Per Common Share	The calculation of basic earnings per common share and diluted earnings per common share was as follows (in thousands, except per share amounts): First Quarter 2023 2022 Numerator: Net income $ 76,097 $ 79,424 Denominator: Denominator for basic earnings per share–weighted 26,600 26,391 Dilutive effect of share-based awards 102 279 Denominator for diluted earnings per share–adjusted 26,702 26,670 Basic Earnings Per Share $ 2.86 $ 3.01 Diluted Earnings Per Share $ 2.85 $ 2.98

Debt and Financing Arrangemen_2

Debt and Financing Arrangements (Tables)	3 Months Ended
Debt and Financing Arrangements (Tables)	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Reconciliation of Debt	At March 31, 2023 and December 31, 2022, debt consisted of the following (in thousands): March 31, 2023 December 31, 2022 Credit Agreement with Banks, described below $ — $ — Finance Leases, described below 26,504 31,008 Total debt 26,504 31,008 Less: current portion of long-term debt 14,452 14,519 Long-term debt, less current portion $ 12,052 $ 16,489
Schedule of Principal Maturities of Long-Term Debt Including Interest On Finance Leases	The principal maturities of long-term debt, including interest on finance leases, for the next five years (in thousands) are as follows: Amount 2023 $ 10,629 2024 10,604 2025 5,453 2026 995 2027 — Thereafter — Total 27,681 Less: Amounts Representing Interest on Finance Leases 1,177 Total $ 26,504

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of revenue derived from transporting	97%
Average transit time	1 day
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Average transit time	5 days

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information1 (Detail)	Mar. 31, 2023
Maximum [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01
Summary of Significant Accounting Policies [Line Items]
Payment terms	30 days

Schedule Of Computation of Earn

Schedule Of Computation of Earnings Per Share - Summary of Calculation of Basic Earnings Per Common Share and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income	$ 76,097	$ 79,424
Denominator:
Denominator for basic earnings per share-weighted average common shares	26,600	26,391
Dilutive effect of share-based awards	102	279
Denominator for diluted earnings per share-adjusted weighted average common shares	26,702	26,670
Basic Earnings Per Share	$ 2.86	$ 3.01
Diluted Earnings Per Share	$ 2.85	$ 2.98

Computation of Earnings Per S_3

Computation of Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Common stock excluded from the calculation of diluted earnings per share	29,120	15,808

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Estimated fair value of total debt	$ 26,700	$ 31,200
Total debt	$ 26,504	$ 31,008

Debt and Financing Arrangemen_3

Debt and Financing Arrangements - Summary of Reconciliation of Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Credit Agreement with Banks, described below	$ 0	$ 0
Finance Leases, described below	26,504	31,008
Total debt	26,504	31,008
Less: current portion of long-term debt	14,452	14,519
Long-term debt, less current portion	$ 12,052	$ 16,489
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:FinanceLeaseLiabilityNoncurrent	us-gaap:FinanceLeaseLiabilityNoncurrent

Debt and Financing Arrangemen_4

Debt and Financing Arrangements - Additional Information (Detail) - USD ($)	Feb. 05, 2019	Mar. 31, 2023	Feb. 03, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amendment line of credit facility expiration year and month	2024-02
Borrowing capacity under credit agreement		$ 0		$ 0
Liabilities recognized under finance leases		$ 26,504,000		$ 31,008,000
Finance Lease Obligations [Member]
Debt Instrument [Line Items]
Weighted average interest rates for finance lease		3.80%		3.70%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Borrowing capacity under credit agreement	$ 300,000,000
Additional borrowing capacity under revolving credit facility	$ 100,000,000
Minimum debt service coverage ratio	125%
Maximum leverage ratio	325%
Revolving Credit Facility [Member] \| Existing Credit Agreement [Member]
Debt Instrument [Line Items]
Borrowing capacity under credit agreement		$ 0		$ 0
Letter of credit facility outstanding amount		31,200,000		31,200,000
2023 Credit Agreement Member
Debt Instrument [Line Items]
Borrowing capacity under credit agreement			$ 300,000,000
Company Increase The Size			150,000,000
Total Borrowing Capacity			$ 450,000,000
Adjusted Leverage Ratio			350%
Property and Equipment [Member]
Debt Instrument [Line Items]
Finance leased assets, net		$ 55,600,000		$ 60,500,000

Debt and Financing Arrangemen_5

Debt and Financing Arrangements - Schedule of Principal Maturities of Long-Term Debt Including Interest On Finance Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instruments [Abstract]
2023	$ 10,629
2024	10,604
2025	5,453
2026	995
2027	0
Thereafter	0
Total	27,681
Less: Amounts Representing Interest on Finance Leases	1,177
Total	$ 26,504	$ 31,008