COVENANT LOGISTICS GROUP, INC. — Director's Dealing 2011

Mar 4, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COVENANT TRANSPORTATION GROUP INC (CVTI)
CIK: 0000928658
Period of Report: 2011-01-11

Reporting Person: PARKER DAVID RAY (Director, CHAIRMAN, PRESIDENT AND CEO, 10% Owner)
Reporting Person: PARKER JACQUELINE F (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-11	Class A Common Stock	F	2494	$9.71	Disposed	133059	Direct
2011-02-07	Class A Common Stock	F	2057	$8.97	Disposed	131002	Direct
2011-03-01	Class A Common Stock	D	50000	—	Disposed	81002	Direct
2011-03-01	Class A Common Stock	D	4000	—	Disposed	77002	Direct
2011-03-01	Class A Common Stock	F	2734	$8.92	Disposed	74268	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	3238477	Direct
Class A Common Stock	100000	Indirect
Class A Common Stock	25924	Indirect
Class B Common Stock	2350000	Direct

Footnotes

F1: Represents shares surendered to the issuer to satisfy tax withholding obligations in connection with the vesting of restricted stock granted to the reporting person.

F2: Represents the forfeiture of restricted stock originally granted under the 2006 Omnibus Incentive Plan on May 23, 2006, due to the issuer not achieving the established performance targets, as certified by the issuer's compensation committee on the transaction date.

F3: Represents the forfeiture of restricted stock originally granted under the 2006 Omnibus Incentive Plan on May 22, 2007, due to the issuer not achieving the established performance targets, as certified by the issuer's compensation committee on the transaction date.

F4: Shares owned jointly by Mr. Parker and his wife, Jacqueline F. Parker, as joint tenants with rights of survivorship.

F5: Shares are owned by the Parker Family Limited Partnership, of which Mr. and Mrs. Parker are the general partners.

F6: The number of shares beneficially owned following the reported transactions is equal to the reporting person's February 28, 2011 account balance in the employer stock fund under the issuer's 401(k) plan divided by the closing price on February 28, 2011. The plan is unitized and as such does not itself allocate a specific number of shares to each participant.