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Operations and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Property and Equipment
Property and equipment as of December 31, 2022 and 2021 consisted of the following:
December 31,
2022		December 31,
2021
Land$26,479 $26,479 
Buildings and improvements94,277 67,269 
Equipment287,872 259,030 
Leasehold improvements17,510 13,780 
Computer software29,511 26,333 
Construction in progress14,100 27,071 
Total property and equipment469,749 419,962 
Less accumulated depreciation and amortization220,669 200,867 
Total property and equipment, net$249,080 $219,095 
Schedule of Goodwill
Changes in the carrying amount of goodwill during the years ended December 31, 2022, 2021 and 2020 are summarized as follows:
Expedited FreightIntermodalConsolidated
Balance as of December 31, 2020$165,268 $79,714 $244,982 
Acquisitions4,020 17,750 21,770 
Balance as of December 31, 2021$169,288 $97,464 $266,752 
Acquisitions — 34,754 34,754 
Acquisition adjustment— 4,678 4,678 
Balance as of December 31, 2022$169,288 $136,896 $306,184 
Weighted-Average Useful Life of Acquired Intangible Assets The acquired intangible assets have a weighted-average useful life as follows:
Intangible AssetsWeighted-Average Useful Life
Customer relationships14 years
Non-compete agreements4 years
Trade names4 years
The estimated useful life of acquired intangible assets as of the acquisition date are summarized in the following table:
Estimated Useful Lives
Proficient TransportJ&PBarOleEdgmon
Customer relationships8 years12 years9 years9 years
Non-compete agreements1 year5 years5 years5 years
Finite-lived Intangible Assets Amortization Expense
Changes in the carrying amount of acquired intangible assets during 2022 and 2021 are summarized as follows:

Gross Carrying Amount
Customer Relationships1
Non-Compete AgreementsTrade NamesTotal
Balance as of December 31, 2020$228,416 $8,125 $1,500 $238,041 
Acquisitions22,961 1,051 — 24,012 
Balance as of December 31, 2021$251,377 $9,176 $1,500 $262,053 
Acquisitions21,655 272 — 21,927 
Acquisition adjustment(5,162)(692)— (5,854)
Balance as of December 31, 2022$267,870 $8,756 $1,500 $278,126 


Accumulated Amortization
Customer Relationships1
Non-Compete AgreementsTrade NamesTotal
Balance as of December 31, 2020$85,930 $5,579 $1,500 $93,009 
Amortization expense13,164 1,164 — 14,328 
Balance as of December 31, 2021$99,094 $6,743 $1,500 $107,337 
Amortization expense15,286 702 — 15,988 
Balance as of December 31, 2022$114,380 $7,445 $1,500 $123,325 
1 Carrying value as of December 31, 2022, 2021 and 2020 is inclusive of $16,501 of accumulated impairment.
Schedule of Accrued Liabilities Accrued expenses as of December 31, 2022 and 2021 consisted of the following:
December 31,
2022		December 31,
2021
Accrued payroll and related items$23,804 $29,364 
Insurance and claims accruals19,961 21,172 
Payables to Leased Capacity Providers10,526 11,085 
Accrued expenses$54,291 $61,621 
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 (in thousands):
Company
Risk Retention		FrequencyLayerPolicy Term
Expedited Freight¹
LTL business$5,000 Occurrence/Accident²
$0 to $5,000
10/1/2022 to 10/1/2023
Truckload business$2,000 Occurrence/Accident²
$0 to $2,000
10/1/2022 to 10/1/2023
LTL, Truckload and Intermodal businesses$5,000 Policy Term Aggregate³
$5,000 to $10,000
10/1/2022 to 10/1/2023
Intermodal$1,000 Occurrence/Accident²
$0 to $1,000
10/1/2022 to 10/1/2023
¹ Excluding the Final Mile business, which is primarily a brokered service.
² For each and every accident/incident, the Company is responsible for damages and defense up to these amounts, regardless of the number of claims associated with any accident/incident.
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 contribute.
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, 2022, 2021 and 2020 is as follows:
 
202220212020
Numerator:
Net income and comprehensive income from continuing operations$193,191 $116,091 $52,767 
Net (loss) income and comprehensive (loss) income from discontinued operation— (10,232)(29,034)
Net income attributable to Forward Air$193,191 $105,859 $23,733 
Income allocated to participating securities from continuing operations(1,070)(807)(385)
Loss allocated to participating securities from discontinued operation— 70 — 
Income allocated to participating securities(1,070)(737)(385)
Numerator for basic and diluted net income per share for continuing operations$192,121 $115,284 $52,382 
Numerator for basic and diluted net (loss) income per share for discontinued operation$— $(10,162)$(29,034)
Denominator:
Denominator for basic net income per share - weighted-average number of common shares outstanding26,783 27,155 27,631 
Dilutive stock options and performance share awards143 137 66 
Denominator for diluted net income per share - weighted-average number of common shares and common share equivalents outstanding26,926 27,292 27,697 
Basic net income (loss) per share:
    Continuing operations$7.17 $4.25 $1.90 
    Discontinued operation— (0.37)(1.05)
Net income per basic share1
$7.17 $3.87 $0.84 
Diluted net income (loss) per share:
    Continuing operations$7.14 $4.22 $1.89 
    Discontinued operation— (0.37)(1.05)
Net income per diluted share$7.14 $3.85 $0.84 
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, 2022, 2021 and 2020 are as follows:
202220212020
Anti-dilutive stock options57 — 206 
Anti-dilutive performance shares13 — 15 
Anti-dilutive restricted shares and deferred stock units2 — 3 
Total anti-dilutive shares72 — 224