Quarterly report pursuant to Section 13 or 15(d)

Net Income Per Share

v3.23.3
Net Income Per Share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
Basic net income per common share is computed by dividing net income 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 per common share pursuant to the two-class method. Diluted net income 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 attributable to Forward Air and weighted-average common shares outstanding for purposes of calculating basic and diluted net income per share during the three and nine months ended September 30, 2023 and 2022 is as follows:
  Three Months Ended Nine Months Ended
September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022
Numerator:    
Net income attributable to Forward Air $ 9,288  $ 52,133  $ 65,607  $ 150,249 
Income allocated to participating securities (57) (325) (357) (838)
Numerator for basic and diluted net income per share $ 9,231  $ 51,808  $ 65,250  $ 149,411 
Denominator:    
Denominator for basic net income per share - weighted-average number of common shares outstanding 25,697  26,769  25,995  26,864 
Dilutive stock options and performance share awards 74  133  101  135 
Denominator for diluted net income per share - weighted-average number of common shares and common share equivalents outstanding 25,771  26,902  26,096  26,999 
Net income per share:
Basic $ 0.36  $ 1.94  $ 2.51  $ 5.56 
Diluted $ 0.36  $ 1.93  $ 2.50  $ 5.53 

The number of shares that were not included in the calculation of net income per diluted share because to do so would have been anti-dilutive for the three and nine months ended September 30, 2023 and 2022 are as follows:
Three Months Ended Nine Months Ended
September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022
Anti-dilutive stock options 112  57  105  49 
Anti-dilutive performance shares 18  13  16  11 
Anti-dilutive restricted shares and deferred stock units 72  —  61  — 
Total anti-dilutive shares 202  70  182  60