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

Stock Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2023

The Company recorded share-based compensation expense as follows for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022


Total share-based compensation expense	$	2,803	$	2,884	$	5,613	$	5,306

Stock option transactions during the six months ended June 30, 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 June 30	370	$	76.91

Restricted share transactions during the six months ended June 30, 2023 were as follows:


	Restricted Shares	Weighted-Average Grant Date Fair Value
Outstanding as of January 1	151	$	87.82
Granted	78	114.92
Vested	(74)	81.01
Forfeited	(5)	103.85
Outstanding as of June 30	150	$	104.76

Director restricted share transactions during the six months ended June 30, 2023 were as follows:


	Director Restricted Shares	Weighted-Average Grant Date Fair Value
Outstanding as of January 1	15	$	93.70
Granted	15	96.10
Vested	(15)	93.70
Forfeited	—	—
Outstanding as of June 30	15	$	96.10

Performance award transactions during the six months ended June 30, 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 June 30	61	$	105.95

Employee stock purchase plan activity and related information was as follows:


	Six Months Ended
	June 30, 2023		June 30, 2022
Shares purchased by participants under the ESPP	4		5
Average purchase price	$	94.23	$	82.76
Weighted-average fair value of each purchase right under the ESPP granted¹	$	10.47	$	9.20
Share-based compensation expense for ESPP	$	42	$	42

¹ Equal to the discount from the market value of the common stock at the end of each six month purchase period.