Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v2.4.0.6
Segment Reporting
 9 Months Ended
Sep. 30, 2012
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting

The Company operates in two reportable segments based on differences in services provided.  Forward Air provides time-definite transportation and logistics services to the deferred air freight market.  FASI provides pool distribution services primarily to regional and national distributors and retailers.
 
The accounting policies of the segments are the same as those described in the summary of significant accounting policies disclosed in Note 1 to the Consolidated Financial Statements included in the Company’s 2011 Annual Report on Form 10-K. Segment data includes intersegment revenues.  Assets and costs of the corporate headquarters are allocated to the segments based on usage.  The Company evaluates the performance of its segments based on net income (loss).  The Company’s business is conducted in the U.S. and Canada.
 
The following tables summarize segment information about net income (loss) and assets used by the chief operating decision maker of the Company in making decisions regarding allocation of assets and resources as of and for the three and nine months ended September 30, 2012 and 2011.
 
 
Three months ended September 30, 2012
 
 
Forward Air
 
FASI
 
Eliminations
 
Consolidated
External revenues
 
$
124,320

 
$
19,194

 
$
—

 
$
143,514

Intersegment revenues
 
186

 
274

 
(460
)
 
—

Depreciation and amortization
 
4,242

 
1,183

 
—

 
5,425

Share-based compensation expense
 
1,412

 
16

 
—

 
1,428

Interest expense
 
106

 
5

 
—

 
111

Interest income
 
5

 
—

 
—

 
5

Income tax expense
 
7,133

 
94

 
—

 
7,227

Net income
 
12,106

 
161

 
—

 
12,267

Total assets
 
386,462

 
36,279

 
(36,123
)
 
386,618

Capital expenditures
 
1,343

 
838

 
—

 
2,181

 
 
 
 
 
 
 
 
 
 
 
Three months ended September 30, 2011
 
 
Forward Air
 
FASI
 
Eliminations
 
Consolidated
External revenues
 
$
118,625

 
$
17,124

 
$
—

 
$
135,749

Intersegment revenues
 
315

 
129

 
(444
)
 
—

Depreciation and amortization
 
4,373

 
1,056

 
—

 
5,429

Share-based compensation expense
 
1,421

 
81

 
—

 
1,502

Interest expense
 
122

 
9

 
—

 
131

Interest income
 
40

 
—

 
—

 
40

Income tax expense (benefit)
 
7,420

 
(133
)
 
—

 
7,287

Net income (loss)
 
13,123

 
(211
)
 
—

 
12,912

Total assets
 
378,552

 
36,099

 
(39,838
)
 
374,813

Capital expenditures
 
4,607

 
244

 
—

 
4,851


 
 
Nine months ended September 30, 2012
 
 
Forward Air
 
FASI
 
Eliminations
 
Consolidated
External revenues
 
$
372,819

 
$
56,102

 
$
—

 
$
428,921

Intersegment revenues
 
939

 
572

 
(1,511
)
 
—

Depreciation and amortization
 
12,455

 
3,485

 
—

 
15,940

Share-based compensation expense
 
4,399

 
151

 
—

 
4,550

Interest expense
 
223

 
18

 
—

 
241

Interest income
 
29

 
—

 
—

 
29

Income tax expense (benefit)
 
22,689

 
(145
)
 
—

 
22,544

Net income (loss)
 
36,993

 
(286
)
 
—

 
36,707

Total assets
 
386,462

 
36,279

 
(36,123
)
 
386,618

Capital expenditures
 
15,310

 
5,189

 
—

 
20,499

 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30, 2011
 
 
Forward Air
 
FASI
 
Eliminations
 
Consolidated
External revenues
 
$
340,039

 
$
48,104

 
$
—

 
$
388,143

Intersegment revenues
 
577

 
292

 
(869
)
 
—

Depreciation and amortization
 
12,601

 
3,133

 
—

 
15,734

Share-based compensation expense
 
4,208

 
249

 
—

 
4,457

Interest expense
 
435

 
33

 
—

 
468

Interest income
 
144

 
—

 
—

 
144

Income tax expense (benefit)
 
21,009

 
(688
)
 
—

 
20,321

Net income (loss)
 
33,914

 
(1,164
)
 
—

 
32,750

Total assets
 
378,552

 
36,099

 
(39,838
)
 
374,813

Capital expenditures
 
17,550

 
2,742

 
—

 
20,292