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

Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Long-Lived Assets Acquisitions and Goodwill (Tables)

Goodwill and Long-Lived Assets Acquisitions and Goodwill (Tables)

3 Months Ended

Mar. 31, 2013

Schedule of Purchase Price Allocation [Table Text Block]

The following table presents the preliminary allocation of the TQI purchase price to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands):



	March 4, 2013
Tangible assets:
Accounts receivable	$	5,641
Prepaid expenses and other current assets	1,805
Property and equipment	5,103
Other assets	728
Total tangible assets	13,277
Intangible assets:
Non-compete agreements	470
Trade name	1,000
Customer relationships	22,300
Goodwill	44,528
Total intangible assets	68,298
Total assets acquired	81,575

Liabilities assumed:
Current liabilities	3,808
Other liabilities	1,994
Debt	20,113
Deferred income taxes	10,441
Total liabilities assumed	36,356
Net assets acquired	$	45,219

Business Acquisition, Pro Forma Information [Table Text Block]

The results of TQI reflected in the Company's consolidated statements of comprehensive income for the quarter ended March 31, 2013 from the date of acquisition (March 4, 2013) is as follows (in thousands, except per share data):



	Since acquisition date to March 31, 2013
Logistics revenue	$	3,918
Operating income	195
Net income	128
Net income per share
Basic	—
Diluted	—

The following unaudited pro forma information presents a summary of the Company's consolidated results of operations as if the TQI acquisition occurred as of January 1, 2012 (in thousands, except per share data).



	Three months ended
	March 31, 2013		March 31, 2012
Operating revenue	$	150,104	$	150,798
Income from operations	16,099		17,789
Net income	11,046		10,888
Net income per share
Basic	$	0.37	$	0.38
Diluted	$	0.36	$	0.37

Schedule of Goodwill [Table Text Block]

The following is a summary of the changes in goodwill for the three months ended March 31, 2013. All goodwill, except the goodwill assigned to TQI, is deductible for tax purposes.



	Forward Air				FASI					TQI				Total
			Accumulated				Accumulated					Accumulated
	Goodwill		Impairment		Goodwill		Impairment			Goodwill		Impairment		Net
Beginning balance, December 31, 2012	$	37,926	$	—	$	12,359	$	(6,953	)	$	—	$	—	$	43,332
TQI acquisition	—		—		—		—			44,528		—		44,528
Ending balance, March 31, 2013	$	37,926	$	—	$	12,359	$	(6,953	)	$	44,528	$	—	$	87,860

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References + Details

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References + Details