| Net Income (Loss) 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 months ended March 31, 2021 and 2020 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
|
|
March 31,
2021 |
|
March 31,
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
| Numerator: |
|
|
|
|
|
|
|
| Net income and comprehensive income from continuing operations |
$ |
16,714 |
|
|
$ |
11,415 |
|
|
|
|
|
| Net loss and comprehensive loss from discontinued operation |
(5,533) |
|
|
(3,040) |
|
|
|
|
|
| Net income attributable to Forward Air |
$ |
11,181 |
|
|
$ |
8,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income allocated to participating securities |
(101) |
|
|
(67) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Numerator for basic and diluted net income per share for continuing operations |
$ |
16,613 |
|
|
$ |
11,348 |
|
|
|
|
|
| Numerator for basic and diluted net loss per share for discontinued operation |
$ |
(5,533) |
|
|
$ |
(3,040) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
| Denominator for basic net income per share - weighted-average number of common shares outstanding |
27,361 |
|
|
27,846 |
|
|
|
|
|
| Dilutive stock options and performance share awards |
136 |
|
|
102 |
|
|
|
|
|
| Denominator for diluted net income per share - weighted-average number of common shares and common share equivalents outstanding |
27,497 |
|
|
27,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic net income (loss) per share: |
|
|
|
|
|
|
|
| Continuing operations |
$ |
0.61 |
|
|
$ |
0.41 |
|
|
|
|
|
| Discontinued operation |
(0.20) |
|
|
(0.11) |
|
|
|
|
|
Net income per share1
|
$ |
0.40 |
|
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted net income (loss) per share: |
|
|
|
|
|
|
|
| Continuing operations |
$ |
0.60 |
|
|
$ |
0.41 |
|
|
|
|
|
| Discontinued operation |
(0.20) |
|
|
(0.11) |
|
|
|
|
|
| Net income per share |
$ |
0.40 |
|
|
$ |
0.30 |
|
|
|
|
|
1 Rounding may impact summation of amounts.
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 months ended March 31, 2021 and 2020 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2021 |
|
March 31,
2020 |
| Anti-dilutive stock options |
25 |
|
|
203 |
|
| Anti-dilutive performance shares |
3 |
|
|
24 |
|
| Anti-dilutive restricted shares and deferred stock units |
1 |
|
|
75 |
|
| Total anti-dilutive shares |
29 |
|
|
302 |
|
|