| Schedule of Net Income Per Share |
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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| 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, 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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