| Schedule of Net Income Per Share |
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 six months ended June 30, 2024 and 2023 is as follows:
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Three Months Ended |
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Six Months Ended |
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June 30, 2024 |
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June 30, 2023 |
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June 30, 2024 |
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June 30, 2023 |
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| Numerator: |
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| Net (loss) income from continuing operations |
$ |
(640,557) |
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$ |
17,127 |
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$ |
(702,269) |
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$ |
51,031 |
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| Net (loss) income from discontinued operation |
(4,876) |
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2,824 |
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(4,876) |
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5,288 |
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| Net (loss) income attributable to Forward Air |
(645,433) |
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19,951 |
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(707,145) |
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56,319 |
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| Dividends allocated to Opco C-2 Preferred Units |
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— |
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— |
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— |
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| Income allocated to participating securities from continuing operations |
— |
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(104) |
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— |
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(268) |
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| Income allocated to participating securities from discontinued operation |
— |
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(17) |
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— |
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(28) |
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| Income allocated to participating securities |
— |
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(121) |
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— |
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(296) |
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| Numerator for basic and diluted net (loss) income per share for continuing operations |
$ |
(624,201) |
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$ |
17,023 |
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$ |
(729,919) |
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$ |
50,763 |
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| Numerator for basic and diluted net income per share for discontinued operation |
$ |
(4,876) |
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$ |
2,807 |
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$ |
(4,876) |
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$ |
5,260 |
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| Denominator: |
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| Denominator for basic net (loss) income per share - weighted-average number of common shares outstanding |
26,803 |
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25,935 |
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26,513 |
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26,144 |
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| Dilutive stock options and performance share awards |
— |
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100 |
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— |
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114 |
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| Denominator for diluted net (loss) income per share - weighted-average number of common shares and common share equivalents outstanding |
26,803 |
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26,035 |
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26,513 |
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26,258 |
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| Basic net (loss) income per share attributable to Forward Air: |
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| Continuing operations |
$ |
(23.29) |
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$ |
0.65 |
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$ |
(27.53) |
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$ |
1.94 |
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| Discontinued operation |
(0.18) |
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0.11 |
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(0.18) |
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0.20 |
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| Net (loss) income per basic share |
$ |
(23.47) |
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$ |
0.76 |
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$ |
(27.71) |
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$ |
2.14 |
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| Diluted net (loss) income per share attributable to Forward Air: |
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| Continuing operations |
$ |
(23.29) |
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$ |
0.65 |
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$ |
(27.53) |
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$ |
1.93 |
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| Discontinued operation |
(0.18) |
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0.11 |
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(0.18) |
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0.20 |
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Net (loss) income per diluted share1
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$ |
(23.47) |
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$ |
0.76 |
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$ |
(27.71) |
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$ |
2.13 |
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1Rounding may impact summation of amounts.
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| 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 and six months ended June 30, 2024 and 2023 are as follows:
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Three Months Ended |
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Six Months Ended |
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June 30, 2024 |
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June 30, 2023 |
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June 30, 2024 |
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June 30, 2023 |
| Anti-dilutive stock options |
285 |
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112 |
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285 |
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101 |
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| Anti-dilutive performance shares |
89 |
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18 |
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13 |
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14 |
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| Anti-dilutive restricted shares and deferred stock units |
428 |
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73 |
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168 |
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58 |
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| Total anti-dilutive shares |
802 |
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203 |
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466 |
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173 |
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