Net (Loss) Income Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Net (Loss) 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 nine months ended September 30, 2024 and 2023 is as follows:

	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Numerator:
Net (loss) income from continuing operations	$	(72,271)	$	6,493	$	(774,540)	$	57,524
Net (loss) income from discontinued operation	(1,137)		2,795		(6,013)		8,083
Net (loss) income attributable to Forward Air	(73,408)		9,288		(780,553)		65,607
Income allocated to participating securities from continuing operations	—		(40)		—		(313)
Income allocated to participating securities from discontinued operation	—		(17)		—		(44)
Income allocated to participating securities	—		(57)		—		(357)
Numerator for basic and diluted net (loss) income per share for continuing operations	$	(73,101)	$	6,453	$	(775,347)	$	57,211
Numerator for basic and diluted net income per share for discontinued operation	$	(1,137)	$	2,778	$	(6,013)	$	8,039
Denominator:
Denominator for basic net (loss) income per share - weighted-average number of common shares outstanding	27,941		25,697		26,983		25,995
Dilutive stock options and performance share awards	—		74		—		101
Denominator for diluted net (loss) income per share - weighted-average number of common shares and common share equivalents outstanding	27,941		25,771		26,983		26,096
Basic net (loss) income per share attributable to Forward Air:
Continuing operations	$	(2.62)	$	0.25	$	(28.73)	$	2.20
Discontinued operation	(0.04)		0.11		(0.22)		0.31
Net (loss) income per basic share	$	(2.66)	$	0.36	$	(28.95)	$	2.51
Diluted net (loss) income per share attributable to Forward Air:
Continuing operations	$	(2.62)	$	0.25	$	(28.73)	$	2.19
Discontinued operation	(0.04)		0.11		(0.22)		0.31
Net (loss) income per diluted share1	$	(2.66)	$	0.36	$	(28.95)	$	2.50
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 nine months ended September 30, 2024 and 2023 are as follows:

	Three Months Ended		Nine Months Ended
	September 30, 2024	September 30, 2023	September 30, 2024	September 30, 2023
Anti-dilutive stock options	287	112	287	105
Anti-dilutive performance shares	7	18	13	16
Anti-dilutive restricted shares and deferred stock units	166	72	166	61
Total anti-dilutive shares	460	202	466	182