COVENANT LOGISTICS GROUP, INC. — Director's Dealing 2010

Jul 14, 2010

SEC Form 4/A — Form 4/A

Issuer: COVENANT TRANSPORTATION GROUP INC (CVTI)
CIK: 0000928658
Period of Report: 2010-07-12

Reporting Person: LOVIN RALPH H JR (Executive VP and Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-07-12	Class A Common Stock	M	17039	$8.00	Acquired	79579	Direct
2010-07-12	Class A Common Stock	S	17039	$8.63	Disposed	62540	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-07-12	Employee Stock Option (Right to Buy) Class A Common Stock	$8.00	M	17039	Disposed	2010-07-27	Class A Common Stock (17039)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	10901	Indirect

Footnotes

F1: Represents the exercise of an option to purchase shares of the issuer's Class A common stock in the amount of 17,039, plus (i) 57,126 shares owned by the reporting person, and (ii) 5,414 restricted shares of the issuer's Class A common stock granted January 12, 2010, pursuant to a transaction previously reported by the reporting person (although the aggregate amount granted in the January 12, 2010, transaction was determined following the reporting deadline for the transaction as it was based upon the closing price of the issuer's Class A common stock two full trading days following the public release of the issuer's year end 2009 earnings). The reporting person previously reported that the share number was determined using the closing price two full trading days following public release of the issuer's first quarter 2010 earnings, when it should have been year end 2009 earnings.

F2: The number of shares beneficially owned following the reported transaction is equal to the reporting person's July 12, 2010 account balance in the employer stock fund under the issuer's 401(k) plan divided by the closing price on July 12, 2010. The plan is unitized and as such does not itself allocate a specific number of shares to each participant.

F3: Original grant was an option to purchase 32,500 shares of the issuer's Class A common stock, which vested 10,834, 10,834, and 10,832 on 07/27/01, 07/27/02, and 07/27/03, respectively. Upon exercise, the derivative security converts on a one-for-one basis into the issuer's Class A common stock.