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

Stock Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2023

The Company recorded share-based compensation expense as follows for the three months ended March 31, 2023 and 2022:


	Three Months Ended
	March 31, 2023		March 31, 2022


Total share-based compensation expense	$	2,810	$	2,422

Stock option transactions during the three months ended March 31, 2023 were as follows:


	Stock Options	Weighted-Average Exercise Price
Outstanding as of January 1	376	$	66.13
Granted	55	115.42
Exercised	—	—
Forfeited	(61)	44.97
Outstanding as of March 31	370	$	76.91

Restricted share transactions during the three months ended March 31, 2023 were as follows:


	Restricted Shares	Weighted-Average Grant Date Fair Value
Outstanding as of January 1	151	$	87.82
Granted	76	115.14
Vested	(74)	81.01
Forfeited	(2)	103.36
Outstanding as of March 31	151	$	104.74

Director restricted share transactions during the three months ended March 31, 2023 were as follows:


	Director Restricted Shares	Weighted-Average Grant Date Fair Value
Outstanding as of January 1	15	$	93.70
Granted	—	—
Vested	—	—
Forfeited	—	—
Outstanding as of March 31	15	$	93.70

Performance award transactions during the three months ended March 31, 2023 were as follows assuming target levels of performance:


	Performance Awards	Weighted-Average Grant Date Fair Value
Outstanding as of January 1	70	$	87.74
Granted	18	120.27
Additional shares awarded based on performance	4	68.75
Earned	(31)	69.10
Forfeited or unearned	—	—
Outstanding as of March 31	61	$	105.95