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Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2021
Accounting Policies [Abstract] |
Property and Equipment | Property and equipment as of December 31, 2021 and 2020 consisted of the following:
| December 31, 2021 |  | December 31, 2020
Land | $ | 26,479 |  |  | $ | 26,365 |
Buildings and improvements | 67,269 |  |  | 65,923 |
Equipment | 259,030 |  |  | 246,949 |
Leasehold improvements | 13,780 |  |  | 13,747 |
Computer software | 26,333 |  |  | 23,480 |
Construction in progress | 27,071 |  |  | 4,055 |
Total property and equipment | 419,962 |  |  | 380,519 |
Less accumulated depreciation and amortization | 200,867 |  |  | 190,652 |
Total property and equipment, net | $ | 219,095 |  |  | $ | 189,867 |
Schedule of Goodwill | Changes in the carrying amount of goodwill during the years ended December 31, 2021, 2020 and 2019 are summarized as follows:
| Expedited Freight |  | Intermodal |  | Consolidated
Balance as of December 31, 2019 | $ | 137,034 |  |  | $ | 78,665 |  |  | $ | 215,699 |
Acquisitions | 28,234 |  |  | 1,049 |  |  | 29,283 |
Balance as of December 31, 2020 | $ | 165,268 |  |  | $ | 79,714 |  |  | $ | 244,982 |
Acquisitions | 4,020 |  |  | 17,750 |  |  | 21,770 |
Balance as of December 31, 2021 | $ | 169,288 |  |  | $ | 97,464 |  |  | $ | 266,752 |
Weighted-Average Useful Life of Acquired Intangible Assets | The acquired intangible assets have a weighted-average useful life as follows:
Intangible Assets |  | Weighted-Average Useful Life
Customer relationships |  | 15 years
Non-compete agreements |  | 4 years
Trade names |  | 4 years
The estimated useful life of acquired intangible assets as of the acquisition date are summarized in the following table:
|  | Estimated Useful Lives
|  | FSA |  | O.S.T. |  | Linn Star |  | CLW |  | Proficient Transport |  | J&P |  | BarOle
Customer relationships |  | 15 years |  | 10 years |  | 15 years |  | 7 years |  | 8 years |  | 12 years |  | 8 years
Non-compete agreements |  | 5 years |  | 3 years |  | 1 year |  | 5 years |  | 1 year |  | 5 years |  | 5 years
Finite-lived Intangible Assets Amortization Expense | Changes in the carrying amount of acquired intangible assets during 2021 and 2020 are summarized as follows:
|  | Gross Carrying Amount
|  | Customer Relationships 1 |  | Non-Compete Agreements |  | Trade Names |  | Total
Balance as of December 31, 2019 |  | $ | 196,225 |  |  | $ | 6,652 |  |  | $ | 1,500 |  |  | $ | 204,377 |
Acquisitions |  | 32,191 |  |  | 1,473 |  |  | — |  |  | 33,664 |
Balance as of December 31, 2020 |  | $ | 228,416 |  |  | $ | 8,125 |  |  | $ | 1,500 |  |  | $ | 238,041 |
Acquisitions |  | 22,961 |  |  | 1,051 |  |  | — |  |  | 24,012 |
Balance as of December 31, 2021 |  | $ | 251,377 |  |  | $ | 9,176 |  |  | $ | 1,500 |  |  | $ | 262,053 |
|  | Accumulated Amortization
|  | Customer Relationships 1 |  | Non-Compete Agreements |  | Trade Names |  | Total
Balance as of December 31, 2019 |  | $ | 73,868 |  |  | $ | 4,152 |  |  | $ | 1,500 |  |  | $ | 79,520 |
Amortization expense |  | 12,062 |  |  | 1,427 |  |  | — |  |  | 13,489 |
Balance as of December 31, 2020 |  | $ | 85,930 |  |  | $ | 5,579 |  |  | $ | 1,500 |  |  | $ | 93,009 |
Amortization expense |  | 13,164 |  |  | 1,164 |  |  | — |  |  | 14,328 |
Balance as of December 31, 2021 |  | $ | 99,094 |  |  | $ | 6,743 |  |  | $ | 1,500 |  |  | $ | 107,337 |
1 Carrying value as of December 31, 2021 and 2020 is inclusive of $16,501 of accumulated impairment.
Schedule of Accrued Liabilities | Accrued expenses as of December 31, 2021 and 2020 consisted of the following:
| December 31, 2021 |  | December 31, 2020
Accrued payroll and related items | $ | 29,364 |  |  | $ | 18,545 |
Insurance and claims accruals | 21,172 |  |  | 17,994 |
Payables to leased capacity providers | 11,085 |  |  | 14,725 |
Accrued expenses | $ | 61,621 |  |  | $ | 51,264 |
Self-Insurance Loss Reserves | Below is a summary of the Company’s risk retention on vehicle liability insurance coverage maintained by the Company through $10,000:
|  | Company Risk Retention |  | Frequency |  | Layer |  | Policy Term
Expedited Freight¹ |  |  |  |  |  |  |  |
LTL business |  | $ | 3,000 |  |  | Occurrence/Accident² |  | $0 to $3,000 |  | 10/1/2021 to 10/1/2022
Truckload business |  | $ | 2,000 |  |  | Occurrence/Accident² |  | $0 to $2,000 |  | 10/1/2021 to 10/1/2022
LTL business |  | $ | 6,000 |  |  | Policy Term Aggregate³ |  | $3,000 to $5,000 |  | 10/1/2021 to 10/1/2022
LTL, Truckload and Intermodal businesses |  | $ | 2,500 |  |  | Policy Term Aggregate³ |  | $5,000 to $10,000 |  | 10/1/2021 to 10/1/2022
Intermodal |  | $ | 1,000 |  |  | Occurrence/Accident² |  | $0 to $1,000 |  | 10/1/2021 to 10/1/2022
¹ Excluding the Final Mile business, which is primarily a brokered service. ² For each and every accident, the Company is responsible for damages and defense up to these amounts, regardless of the number of claims associated with any accident. ³ During the Policy Term, the Company is responsible for damages and defense within the stated Layer up to the stated, aggregate amount of Company Risk Retention before insurance will respond.
Net Income (Loss) per Share | A reconciliation of net income (loss) attributable to Forward Air and weighted-average common shares outstanding for purposes of calculating basic and diluted net income (loss) per share during the years ended December 31, 2021, 2020 and 2019 is as follows:
| 2021 |  | 2020 |  | 2019 |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |
Net income and comprehensive income from continuing operations | $ | 116,091 |  |  | $ | 52,767 |  |  | $ | 82,322 |  |  |  |  |  |  |
Net (loss) income and comprehensive (loss) income from discontinued operation | (10,232) |  |  | (29,034) |  |  | 4,777 |  |  |  |  |  |  |
Net income attributable to Forward Air | $ | 105,859 |  |  | $ | 23,733 |  |  | $ | 87,099 |  |  |  |  |  |  |
Income allocated to participating securities from continuing operations | (807) |  |  | (385) |  |  | (945) |  |  |  |  |  |  |
Loss allocated to participating securities from discontinued operation | 70 |  |  | — |  |  | — |  |  |  |  |  |  |
Income allocated to participating securities | (737) |  |  | (385) |  |  | (945) |  |  |  |  |  |  |
Numerator for basic and diluted net income per share for continuing operations | $ | 115,284 |  |  | $ | 52,382 |  |  | $ | 81,377 |  |  |  |  |  |  |
Numerator for basic and diluted net (loss) income per share for discontinued operation | $ | (10,162) |  |  | $ | (29,034) |  |  | $ | 4,777 |  |  |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |
Denominator for basic net income per share - weighted-average number of common shares outstanding | 27,155 |  |  | 27,631 |  |  | 28,195 |  |  |  |  |  |  |
Dilutive stock options and performance share awards | 137 |  |  | 66 |  |  | 113 |  |  |  |  |  |  |
Denominator for diluted net income per share - weighted-average number of common shares and common share equivalents outstanding | 27,292 |  |  | 27,697 |  |  | 28,308 |  |  |  |  |  |  |
Basic net income (loss) per share: |  |  |  |  |  |  |  |  |  |  |
Continuing operations | $ | 4.25 |  |  | $ | 1.90 |  |  | $ | 2.89 |  |  |  |  |  |  |
Discontinued operation | (0.37) |  |  | (1.05) |  |  | 0.17 |  |  |  |  |  |  |
Net income per share 1 | $ | 3.87 |  |  | $ | 0.84 |  |  | $ | 3.06 |  |  |  |  |  |  |
Diluted net income (loss) per share: |  |  |  |  |  |  |  |  |  |  |
Continuing operations | $ | 4.22 |  |  | $ | 1.89 |  |  | $ | 2.87 |  |  |  |  |  |  |
Discontinued operation | (0.37) |  |  | (1.05) |  |  | 0.17 |  |  |  |  |  |  |
Net income per share | $ | 3.85 |  |  | $ | 0.84 |  |  | $ | 3.04 |  |  |  |  |  |  |
1 Rounding may impact summation of amounts.
Schedule of Anti-Dilutive Shares Not Included in Calculation of Net Income per Diluted Share | The number of shares that were not included in the calculation of net income (loss) per diluted share because to do so would have been anti-dilutive for the years ended December 31, 2021, 2020 and 2019 are as follows:
| 2021 |  | 2020 |  | 2019 |  |  |  |  |  |
Anti-dilutive stock options | — |  |  | 206 |  |  | 183 |  |  |  |  |  |  |
Anti-dilutive performance shares | — |  |  | 15 |  |  | — |  |  |  |  |  |  |
Anti-dilutive restricted shares and deferred stock units | — |  |  | 3 |  |  | — |  |  |  |  |  |  |
Total anti-dilutive shares | — |  |  | 224 |  |  | 183 |  |  |  |  |  |  |

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