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

Stock Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2024

The Company recorded share-based compensation expense as follows for the three months ended March 31, 2024 and 2023:


	Three Months Ended
	March 31, 2024		March 31, 2023
Salaries, wages and employee benefits - continuing operations	$	1,217	$	2,567
Salaries, wages and employee benefits - discontinued operation	—		243
Total share-based compensation expense	$	1,217	$	2,810

Stock option transactions during the three months ended March 31, 2024 were as follows:


	Stock Options	Weighted-Average Exercise Price
Outstanding as of January 1	370	$	76.83
Granted	—	—
Exercised	—	—
Forfeited	(83)	73.02
Outstanding as of March 31	287	$	77.93

Restricted share transactions during the three months ended March 31, 2024 were as follows:


	Restricted Shares	Weighted-Average Grant Date Fair Value
Outstanding as of January 1	133	$	104.87
Granted	360	33.46
Vested	(62)	98.36
Forfeited	(13)	99.84
Outstanding as of March 31	418	$	44.41

Director restricted share transactions during the three months ended March 31, 2024 were as follows:


	Director Restricted Shares	Weighted-Average Grant Date Fair Value
Outstanding as of January 1	14	$	96.10
Granted	2	38.46
Vested	—	—
Forfeited	—	—
Outstanding as of March 31	16	$	89.69

Performance award transactions during the three months ended March 31, 2024 were as follows assuming target levels of performance:


	Performance Awards	Weighted-Average Grant Date Fair Value
Outstanding as of January 1	61	$	105.88
Granted	116	7.62
Additional shares awarded based on performance	14	91.33
Earned	(39)	89.34
Forfeited or unearned	(23)	115.17
Outstanding as of March 31	129	$	19.15