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: LOVIN RALPH H JR (Executive VP & Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-11	Class A Common Stock	F	623	$9.71	Disposed	70505	Direct
2011-02-07	Class A Common Stock	F	555	$8.97	Disposed	69950	Direct
2011-03-01	Class A Common Stock	D	25000	—	Disposed	44950	Direct
2011-03-01	Class A Common Stock	D	3000	—	Disposed	41950	Direct
2011-03-01	Class A Common Stock	F	1323	$8.92	Disposed	40627	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	10853	Indirect

Footnotes

F1: Represents shares surrendered 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: 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.