Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Share

v3.22.1
Net Income (Loss) Per Share
3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during each period. Restricted shares have non-forfeitable rights to dividends and as a result, are considered participating securities for purposes of computing net income (loss) per common share pursuant to the two-class method. Diluted net income (loss) per common share assumes the exercise of outstanding stock options and the vesting of performance share awards using the treasury stock method when the effects of such assumptions are dilutive.

A reconciliation of net income (loss) attributable to Forward Air and weighted-average common shares outstanding for purposes of calculating basic and diluted net income (loss) per share during the three months ended March 31, 2022 and 2021 is as follows:
  Three Months Ended
March 31,
2022
March 31,
2021
Numerator:    
Net income and comprehensive income from continuing operations $ 42,686  $ 16,714 
Net loss and comprehensive loss from discontinued operation —  (5,533)
Net income attributable to Forward Air $ 42,686  $ 11,181 
Income allocated to participating securities from continuing operations (248) (101)
Loss allocated to participating securities from discontinued operation —  — 
Income allocated to participating securities (248) (101)
Numerator for basic and diluted net income per share for continuing operations $ 42,438  $ 16,613 
Numerator for basic and diluted net loss per share for discontinued operation $ —  $ (5,533)
Denominator:    
Denominator for basic net income per share - weighted-average number of common shares outstanding 26,947  27,361 
Dilutive stock options and performance share awards 153  136 
Denominator for diluted net income per share - weighted-average number of common shares and common share equivalents outstanding 27,100  27,497 
Basic net income (loss) per share:
     Continuing operations $ 1.57  $ 0.61 
     Discontinued operation —  (0.20)
Net income per basic share1
$ 1.57  $ 0.40 
Diluted net income (loss) per share:
     Continuing operations $ 1.57  $ 0.60 
     Discontinued operation —  (0.20)
Net income per diluted share $ 1.57  $ 0.40 
1 Rounding may impact summation of amounts.
The number of shares that were not included in the calculation of net income (loss) per diluted share because to do so would have been anti-dilutive for the three months ended March 31, 2022 and 2021 are as follows:
Three Months Ended
March 31,
2022
March 31,
2021
Anti-dilutive stock options 64  25 
Anti-dilutive performance shares 14 
Anti-dilutive restricted shares and deferred stock units — 
Total anti-dilutive shares 78  29