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

Quarterly report pursuant to Section 13 or 15(d)

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

The Company recorded shared-based compensation expense as follows for the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended
	March 31, 2021		March 31, 2020
Salaries, wages and employee benefits - continuing operations	$	2,269	$	2,817
Salaries, wages and employee benefits - discontinued operation	16		188
Total share-based compensation expense	$	2,285	$	3,005

Share-based Payment Arrangement Activity

Stock option transactions during the three months ended March 31, 2021 on a continuing operations basis were as follows:


	Stock Options	Weighted-Average Exercise Price
Outstanding as of December 31, 2020	359	$	55.79
Granted	39	75.05
Exercised	(26)	54.26
Forfeited	—	—
Outstanding as of March 31, 2021	372	$	58.06

As of March 31, 2021, the total share-based compensation expense related to unvested stock options net yet recognized was approximately $1,250, and the weighted average period over which it is expected to be recognized is approximately two years.

Stock option transactions during the three months ended March 31, 2021 on a discontinued operation basis were as follows:


	Stock Options	Weighted-Average Exercise Price
Outstanding at December 31, 2020	14	$	52.15
Granted	—	—
Exercised	(14)	52.15
Forfeited	—	—
Outstanding at March 31, 2021	—	$	—

Share Activity

Restricted share transactions during the three months ended March 31, 2021 on a continuing operations basis were as follows:


	Restricted Shares	Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2020	213	$	62.78
Granted	108	75.14
Vested	(96)	61.38
Forfeited	(11)	69.13
Outstanding as of March 31, 2021	214	$	69.31

As of March 31, 2021, the total share-based compensation expense related to the restricted shares net yet recognized was approximately $13,179, and the weighted-average period over which it is expected to be recognized is approximately two years.

Restricted share transactions during the three months ended March 31, 2021 on a discontinued operation basis were as follows:


	Restricted Shares	Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2020	8	$	60.83
Granted	—	—
Vested	(4)	61.78
Forfeited	(4)	61.37
Outstanding as of March 31, 2021	—	$	—

Director restricted share transactions during the three months ended March 31, 2021 were as follows:


	Director Restricted Shares	Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2020	24	$	43
Granted	2	93
Vested	—	—
Forfeited	—	—
Outstanding as of March 31, 2021	26	$	47

Activity of Performance Awards

Performance award transactions during the three months ended March 31, 2021 on a continuing operations basis were as follows assuming target levels of performance:


	Performance Awards	Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2020	65	$	67.62
Granted	36	87.33

Earned	(11)	92.89
Forfeited	(11)	70.22
Outstanding as of March 31, 2021	79	$	75.61