| Net Loss Per Share |
Net Loss 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 loss 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, 2025 and 2024 is as follows:
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Three Months Ended |
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Six Months Ended |
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June 30, 2025 |
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June 30, 2024 |
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June 30, 2025 |
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June 30, 2024 |
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| Numerator: |
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| Net loss from continuing operations |
$ |
(20,364) |
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$ |
(966,471) |
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$ |
(81,555) |
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$ |
(1,055,265) |
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| Less, net loss from continuing operations attributable to noncontrolling interest |
(7,781) |
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(325,914) |
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(18,335) |
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(352,996) |
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| Net loss available to Forward Air, before discontinuing operations |
(12,583) |
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(640,557) |
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(63,220) |
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(702,269) |
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| Add, loss from discontinued operations net of tax |
— |
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(4,876) |
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— |
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(4,876) |
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| Net loss attributable to Forward Air |
$ |
(12,583) |
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$ |
(645,433) |
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$ |
(63,220) |
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$ |
(707,145) |
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| Numerator for basic and diluted net loss per share for continuing operations |
$ |
(12,583) |
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$ |
(624,201) |
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$ |
(63,220) |
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$ |
(729,919) |
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| Numerator for basic and diluted net loss per share for discontinued operations |
$ |
— |
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$ |
(4,876) |
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$ |
— |
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$ |
(4,876) |
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| Denominator: |
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| Denominator for basic and diluted net loss per share - weighted-average number of common shares outstanding |
30,429 |
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26,803 |
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30,319 |
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26,513 |
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| Basic and diluted net loss per share attributable to Forward Air |
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| Continuing operations |
$ |
(0.41) |
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$ |
(23.29) |
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$ |
(2.09) |
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$ |
(27.53) |
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| Discontinued operation |
— |
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(0.18) |
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— |
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(0.18) |
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Net loss per basic and diluted share1
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$ |
(0.41) |
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$ |
(23.47) |
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$ |
(2.09) |
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$ |
(27.71) |
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1Rounding may impact summation of amounts.
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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, 2025 and 2024 are as follows:
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Three Months Ended |
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Six Months Ended |
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June 30, 2025 |
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June 30, 2024 |
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June 30, 2025 |
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June 30, 2024 |
| Anti-dilutive stock options |
32 |
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285 |
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32 |
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285 |
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| Anti-dilutive performance shares |
113 |
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89 |
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83 |
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13 |
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| Anti-dilutive restricted shares and deferred stock units |
496 |
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428 |
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319 |
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168 |
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| Total anti-dilutive shares |
641 |
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802 |
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434 |
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466 |
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