Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v2.4.0.6
Segment Reporting
6 Months Ended
Jun. 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 six months ended June 30, 2012 and 2011.
 
 
Three months ended June 30, 2012
 
 
Forward Air
 
FASI
 
Eliminations
 
Consolidated
External revenues
 
$
130,357

 
$
17,969

 
$

 
$
148,326

Intersegment revenues
 
167

 
398

 
(565
)
 

Depreciation and amortization
 
4,186

 
1,208

 

 
5,394

Share-based compensation expense
 
1,457

 
60

 

 
1,517

Interest expense
 
73

 
6

 

 
79

Interest income
 
8

 

 

 
8

Income tax expense (benefit)
 
8,858

 
(23
)
 

 
8,835

Net income (loss)
 
14,223

 
(56
)
 

 
14,167

Total assets
 
367,961

 
38,863

 
(36,048
)
 
370,776

Capital expenditures
 
4,702

 
518

 

 
5,220

 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30, 2011
 
 
Forward Air
 
FASI
 
Eliminations
 
Consolidated
External revenues
 
$
116,369

 
$
15,823

 
$

 
$
132,192

Intersegment revenues
 
141

 
82

 
(223
)
 

Depreciation and amortization
 
4,156

 
1,066

 

 
5,222

Share-based compensation expense
 
1,433

 
79

 

 
1,512

Interest expense
 
131

 
10

 

 
141

Interest income
 
55

 

 

 
55

Income tax expense (benefit)
 
7,975

 
(178
)
 

 
7,797

Net income (loss)
 
12,284

 
(315
)
 

 
11,969

Total assets
 
385,665

 
36,688

 
(39,374
)
 
382,979

Capital expenditures
 
7,562

 
550

 

 
8,112


 
 
Six months ended June 30, 2012
 
 
Forward Air
 
FASI
 
Eliminations
 
Consolidated
External revenues
 
$
248,499

 
$
36,908

 
$

 
$
285,407

Intersegment revenues
 
386

 
665

 
(1,051
)
 

Depreciation and amortization
 
8,213

 
2,302

 

 
10,515

Share-based compensation expense
 
2,988

 
135

 

 
3,123

Interest expense
 
117

 
13

 

 
130

Interest income
 
23

 

 

 
23

Income tax expense (benefit)
 
15,556

 
(239
)
 

 
15,317

Net income (loss)
 
24,887

 
(447
)
 

 
24,440

Total assets
 
367,961

 
38,863

 
(36,048
)
 
370,776

Capital expenditures
 
13,967

 
4,351

 

 
18,318

 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2011
 
 
Forward Air
 
FASI
 
Eliminations
 
Consolidated
External revenues
 
$
221,414

 
$
30,980

 
$

 
$
252,394

Intersegment revenues
 
263

 
163

 
(426
)
 

Depreciation and amortization
 
8,227

 
2,077

 

 
10,304

Share-based compensation expense
 
2,786

 
169

 

 
2,955

Interest expense
 
313

 
23

 

 
336

Interest income
 
104

 

 

 
104

Income tax expense (benefit)
 
13,589

 
(554
)
 

 
13,035

Net income (loss)
 
20,792

 
(954
)
 

 
19,838

Total assets
 
385,665

 
36,688

 
(39,374
)
 
382,979

Capital expenditures
 
12,943

 
2,498

 

 
15,441