| Schedule of Net Loss 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 loss per share is as follows:
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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| Numerator: |
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| Loss from continuing operations |
$ |
(243,856) |
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$ |
(20,364) |
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$ |
(284,054) |
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$ |
(81,555) |
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| Less: Net loss from continuing operations attributable to noncontrolling interest |
(38,289) |
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(7,781) |
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(44,168) |
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(18,335) |
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| Loss from continuing operations attributable to Forward Air |
(205,567) |
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(12,583) |
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(239,886) |
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(63,220) |
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| Loss from discontinued operations, net of tax |
$ |
(2,075) |
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$ |
— |
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$ |
(2,075) |
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$ |
— |
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| Less: Net loss from discontinued operations attributable to noncontrolling interest |
(342) |
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— |
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(342) |
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— |
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| Loss from discontinued operations attributable to Forward Air |
(1,733) |
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— |
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(1,733) |
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— |
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| Net loss attributable to Forward Air |
$ |
(207,300) |
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$ |
(12,583) |
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(241,619) |
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(63,220) |
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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 |
32,481 |
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30,429 |
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32,043 |
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30,319 |
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| Basic and diluted net loss per share attributable to Forward Air: |
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| Continuing operations |
$ |
(6.33) |
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$ |
(0.41) |
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$ |
(7.49) |
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$ |
(2.09) |
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| Discontinued operations |
(0.05) |
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— |
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(0.05) |
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— |
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| Net loss per basic and diluted share |
$ |
(6.38) |
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$ |
(0.41) |
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$ |
(7.54) |
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$ |
(2.09) |
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The following securities were excluded from the calculation of loss per share as their impact would be anti-dilutive:
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
| Stock options |
21 |
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32 |
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21 |
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32 |
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| Performance shares |
516 |
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113 |
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516 |
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83 |
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| Restricted shares |
737 |
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496 |
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737 |
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319 |
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| Total anti-dilutive securities |
1,274 |
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641 |
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1,274 |
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434 |
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