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

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note [Abstract]

During the first, second and third quarter of 2018, the Company's Board of Directors declared a cash dividend of $0.15 per share of common stock. During the fourth quarter of 2018 and the first three quarters of 2019, the Company's 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, the Company's Board of Directors approved a stock repurchase authorization for up to 3,000 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 5,000 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 the plan is cancelled. The Company is not obligated to repurchase any specific number of shares and may suspend or cancel the plan at any time.

The following tables summarize our share repurchases for the three and nine months ended September 30, 2019 and 2018.



	Three months ended
	September 30, 2019					September 30, 2018
	Shares repurchased	Cost of shares repurchased		Average cost per share		Shares repurchased	Cost of shares repurchased		Average cost per share

2016 Repurchase Plan	—	$	—	$	—	267	$	16,820	$	62.89
2019 Repurchase Plan	152	9,289		61.01		—	—		—
Total	152	$	9,289	$	61.01	267	$	16,820	$	62.89



	Nine months ended
	September 30, 2019					September 30, 2018
	Shares repurchased	Cost of shares repurchased		Average cost per share		Shares repurchased	Cost of shares repurchased		Average cost per share

2016 Repurchase Plan	68	$	3,850	$	56.97	765	$	44,985	$	58.83
2019 Repurchase Plan	721	44,056		61.07		—	—		—
Total	789	$	47,906	$	60.72	765	$	44,985	$	58.83

As of September 30, 2019, 4,279 shares were available to be purchased under the 2019 Plan.