The less-than-truckload has approved the three-for-two stock split, effective Aug. 23.
Instead of fractional shares, shareholders will receive a cash payment based on the average of the high and low sales prices of the common stock on the record date. Upon completion of the split, the company will have about 55.9 shares outstanding.
"We are pleased to declare this three-for-two stock split, which is our fourth three-for-two split in just over seven years," said David S. Congdon, president and CEO of Old Dominion. "This action, which we expect will improve the market liquidity and trading volume of our stock, reflects our board's confidence in our ability to drive long-term value for Old Dominion's shareholders."