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

Quarterly report pursuant to Section 13 or 15(d)

Net (Loss) Income Per Share (Tables)

Net (Loss) Income Per Share (Tables)

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and 2023 is as follows:


	Three Months Ended
	March 31, 2024		March 31, 2023

Numerator:
Net (loss) income from continuing operations	$	(61,712)	$	33,904
Net income from discontinued operation	—		2,464
Net (loss) income attributable to Forward Air	(61,712)		36,368

Dividends allocated to Opco C-2 Preferred Units	(11,867)		—

Income allocated to participating securities from continuing operations	—		(172)
Income allocated to participating securities from discontinued operation	—		(13)
Income allocated to participating securities	—		(185)

Numerator for basic and diluted net (loss) income per share for continuing operations	$	(73,579)	$	33,732
Numerator for basic and diluted net income per share for discontinued operation	$	—	$	2,451

Denominator:
Denominator for basic net (loss) income per share - weighted-average number of common shares outstanding	26,217		26,350
Dilutive stock options and performance share awards	—		129
Denominator for diluted net (loss) income per share - weighted-average number of common shares and common share equivalents outstanding	26,217		26,479

Basic net (loss) income per share attributable to Forward Air:
Continuing operations	$	(2.81)	$	1.28
Discontinued operation	—		0.09
Net (loss) income per basic share	$	(2.81)	$	1.37

Diluted net (loss) income per share attributable to Forward Air:
Continuing operations	$	(2.81)	$	1.27
Discontinued operation	—		0.09
Net (loss) income per diluted share1	$	(2.81)	$	1.37
1Rounding 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 per diluted share because to do so would have been anti-dilutive for the three months ended March 31, 2024 and 2023 are as follows:


	Three Months Ended
	March 31, 2024	March 31, 2023
Anti-dilutive stock options	287	112
Anti-dilutive performance shares	12	18
Anti-dilutive restricted shares and deferred stock units	181	74
Total anti-dilutive shares	480	204