Forward Air Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

Shareholders' Equity

3 Months Ended

Mar. 31, 2019

Stockholders' Equity Note [Abstract]

During the first, second and third quarter of 2018, our Board of Directors declared a cash dividend of $0.15 per share of common stock. During the fourth quarter of 2018 and the first quarter of 2019, our Board of Directors declared a cash dividend of $0.18 per share of common stock. The Company expects to continue to pay regular quarterly cash dividends, though each subsequent quarterly dividend is subject to review and approval by the Board of Directors.

On July 21, 2016, our Board of Directors approved a stock repurchase authorization for up to three million shares of the Company’s common stock (the "2016 Repurchase Plan"). On February 5, 2019, our Board of Directors cancelled the Company’s 2016 Repurchase Plan and approved a new stock repurchase plan authorizing up to five million shares of the Company’s common stock (the “2019 Repurchase Plan”) that shall remain in effect until such time as the shares authorized for repurchase are exhausted or until earlier terminated.

The following table summarizes our share repurchases for the three months ended March 31, 2019 and 2018.



	Three months ended
	March 31, 2019					March 31, 2018
	Shares repurchased	Cost of shares repurchased		Average cost per share		Shares repurchased	Cost of shares repurchased		Average cost per share

2016 Repurchase Plan	67,572	$	3,850	$	56.97	364,286	$	19,993	$	54.88
2019 Repurchase Plan	162,300	10,331		63.66		—	—		—
Total	229,872	$	14,181	$	61.69	364,286	$	19,993	$	54.88

As of March 31, 2019, 4,837,700 shares were available to be purchased under the 2019 Plan.