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Net (Loss) Income Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Net Income Per Share

A reconciliation of net income attributable to Forward Air and weighted-average common shares outstanding for purposes of calculating basic and diluted net income per share during the three and six months ended June 30, 2024 and 2023 is as follows:

			Three Months Ended												Six Months Ended
			June 30, 2024						June 30, 2023						June 30, 2024						June 30, 2023
Numerator:
Net (loss) income from continuing operations			$	(640,557)					$	17,127					$	(702,269)					$	51,031
Net (loss) income from discontinued operation			(4,876)						2,824						(4,876)						5,288
Net (loss) income attributable to Forward Air			(645,433)						19,951						(707,145)						56,319
Dividends allocated to Opco C-2 Preferred Units									—						—						—
Income allocated to participating securities from continuing operations			—						(104)						—						(268)
Income allocated to participating securities from discontinued operation			—						(17)						—						(28)
Income allocated to participating securities			—						(121)						—						(296)
Numerator for basic and diluted net (loss) income per share for continuing operations			$	(624,201)					$	17,023					$	(729,919)					$	50,763
Numerator for basic and diluted net income per share for discontinued operation			$	(4,876)					$	2,807					$	(4,876)					$	5,260
Denominator:
Denominator for basic net (loss) income per share - weighted-average number of common shares outstanding			26,803						25,935						26,513						26,144
Dilutive stock options and performance share awards			—						100						—						114
Denominator for diluted net (loss) income per share - weighted-average number of common shares and common share equivalents outstanding			26,803						26,035						26,513						26,258
Basic net (loss) income per share attributable to Forward Air:
Continuing operations			$	(23.29)					$	0.65					$	(27.53)					$	1.94
Discontinued operation			(0.18)						0.11						(0.18)						0.20
Net (loss) income per basic share			$	(23.47)					$	0.76					$	(27.71)					$	2.14
Diluted net (loss) income per share attributable to Forward Air:
Continuing operations			$	(23.29)					$	0.65					$	(27.53)					$	1.93
Discontinued operation			(0.18)						0.11						(0.18)						0.20
Net (loss) income per diluted share1			$	(23.47)					$	0.76					$	(27.71)					$	2.13
1Rounding may impact summation of amounts.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The number of shares that were not included in the calculation of net income per diluted share because to do so would have been anti-dilutive for the three and six months ended June 30, 2024 and 2023 are as follows:

			Three Months Ended												Six Months Ended
			June 30, 2024						June 30, 2023						June 30, 2024						June 30, 2023
Anti-dilutive stock options			285						112						285						101
Anti-dilutive performance shares			89						18						13						14
Anti-dilutive restricted shares and deferred stock units			428						73						168						58
Total anti-dilutive shares			802						203						466						173

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- References

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- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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