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

Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Share (Tables)

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2022

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.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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	3
Anti-dilutive restricted shares and deferred stock units	—	1
Total anti-dilutive shares	78	29