| 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 nine months ended September 30, 2025 and 2024 is as follows:
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Three Months Ended |
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Nine Months Ended |
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September 30, 2025 |
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September 30, 2024 |
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September 30, 2025 |
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September 30, 2024 |
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| Numerator: |
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| Loss from continuing operations |
$ |
(23,757) |
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$ |
(34,198) |
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$ |
(105,312) |
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$ |
(1,089,463) |
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| Less, net loss from continuing operations attributable to noncontrolling interest |
(7,507) |
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38,073 |
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(25,842) |
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(314,923) |
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| Net loss available to Forward Air, before discontinuing operations |
(16,250) |
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(72,271) |
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(79,470) |
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(774,540) |
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| Less, loss from discontinued operations net of tax |
— |
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(1,137) |
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— |
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(6,013) |
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| Net loss attributable to Forward Air |
$ |
(16,250) |
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$ |
(73,408) |
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$ |
(79,470) |
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$ |
(780,553) |
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| Numerator for basic and diluted net loss per share for continuing operations |
$ |
(16,250) |
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$ |
(73,101) |
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$ |
(79,470) |
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$ |
(775,347) |
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| Numerator for basic and diluted net loss per share for discontinued operations |
$ |
— |
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$ |
(1,137) |
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$ |
— |
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$ |
(6,013) |
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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 |
30,972 |
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27,941 |
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30,538 |
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26,983 |
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| Basic and diluted net loss per share attributable to Forward Air |
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| Continuing operations |
$ |
(0.52) |
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$ |
(2.62) |
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$ |
(2.60) |
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$ |
(28.73) |
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| Discontinued operation |
— |
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(0.04) |
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— |
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(0.22) |
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Net loss per basic and diluted share1
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$ |
(0.52) |
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$ |
(2.66) |
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$ |
(2.60) |
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$ |
(28.95) |
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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 nine months ended September 30, 2025 and 2024 are as follows:
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Three Months Ended |
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Nine Months Ended |
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September 30, 2025 |
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September 30, 2024 |
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September 30, 2025 |
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September 30, 2024 |
| Anti-dilutive stock options |
32 |
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287 |
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32 |
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287 |
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| Anti-dilutive performance shares |
104 |
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7 |
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93 |
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13 |
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| Anti-dilutive restricted shares and deferred stock units |
62 |
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166 |
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328 |
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166 |
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| Total anti-dilutive shares |
198 |
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460 |
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453 |
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466 |
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