Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Share (Tables)

v3.22.2.2
Net Income (Loss) Per Share (Tables)
9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Net Income Per Share
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 and nine months ended September 30, 2022 and 2021 is as follows:
  Three Months Ended Nine Months Ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Numerator:    
Net income and comprehensive income from continuing operations $ 52,133  $ 30,503  $ 150,249  $ 77,894 
Net loss and comprehensive loss from discontinued operation —  (6,967) —  (12,500)
Net income attributable to Forward Air $ 52,133  $ 23,536  $ 150,249  $ 65,394 
Income allocated to participating securities from continuing operations (325) (235) (838) (541)
Loss allocated to participating securities from discontinued operation —  —  —  — 
Income allocated to participating securities (325) (235) (838) (541)
Numerator for basic and diluted net income per share for continuing operations $ 51,808  $ 30,268  $ 149,411  $ 77,353 
Numerator for basic and diluted net loss per share for discontinued operation $ —  $ (6,967) $ —  $ (12,500)
Denominator:    
Denominator for basic net income per share - weighted-average number of common shares outstanding 26,769  27,034  26,864  27,217 
Dilutive stock options and performance share awards 133  110  135  134 
Denominator for diluted net income per share - weighted-average number of common shares and common share equivalents outstanding 26,902  27,144  26,999  27,351 
Basic net income (loss) per share:
     Continuing operations $ 1.94  $ 1.12  $ 5.56  $ 2.84 
     Discontinued operation —  (0.26) —  (0.46)
Net income per basic share1
$ 1.94  $ 0.86  $ 5.56  $ 2.39 
Diluted net income (loss) per share:
     Continuing operations $ 1.93  $ 1.12  $ 5.53  $ 2.83 
     Discontinued operation —  (0.26) —  (0.46)
Net income per diluted share $ 1.93  $ 0.86  $ 5.53  $ 2.37 
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 and nine months ended September 30, 2022 and 2021 are as follows:
Three Months Ended Nine Months Ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Anti-dilutive stock options 57  39  49  39 
Anti-dilutive performance shares 13  —  11  — 
Anti-dilutive restricted shares and deferred stock units —  —  —  — 
Total anti-dilutive shares 70  39  60  39