| Summary of segment information |
12 Annual Report on Form 10-K. Segment data includes intersegment revenues. Assets and costs of the corporate headquarters are allocated to the segments based on usage. The Company evaluates the performance of its segments based on net income (loss). The Company’s business is conducted in the U.S. and Canada.
The following tables summarize segment information about net income (loss) and assets used by the chief operating decision maker of the Company in making decisions regarding allocation of assets and resources as of and for the three and six months ended June 30, 2013 and 2012.
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Three months ended June 30, 2013 |
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Forward Air |
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FASI |
|
TQI |
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Eliminations |
|
Consolidated |
External revenues |
|
$ |
123,485 |
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$ |
24,123 |
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|
$ |
12,196 |
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$ |
— |
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|
$ |
159,804 |
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Intersegment revenues |
|
595 |
|
|
177 |
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|
— |
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(772 |
) |
|
— |
|
Depreciation and amortization |
|
4,086 |
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|
1,196 |
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|
689 |
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— |
|
|
5,971 |
|
Share-based compensation expense |
|
1,471 |
|
|
39 |
|
|
26 |
|
|
— |
|
|
1,536 |
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Interest expense |
|
126 |
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|
2 |
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— |
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— |
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|
128 |
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Interest income |
|
13 |
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— |
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— |
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— |
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|
13 |
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Income tax expense (benefit) |
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8,331 |
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(73 |
) |
|
302 |
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— |
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|
8,560 |
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Net income (loss) |
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13,496 |
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(170 |
) |
|
505 |
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— |
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|
13,831 |
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Total assets |
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445,251 |
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38,461 |
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82,838 |
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(98,358 |
) |
|
468,192 |
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Capital expenditures |
|
10,595 |
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|
4,097 |
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|
1,120 |
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— |
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|
15,812 |
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Three months ended June 30, 2012 |
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Forward Air |
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FASI |
|
TQI |
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Eliminations |
|
Consolidated |
External revenues |
|
$ |
130,357 |
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$ |
17,969 |
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$ |
— |
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$ |
— |
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$ |
148,326 |
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Intersegment revenues |
|
167 |
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|
398 |
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— |
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(565 |
) |
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— |
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Depreciation and amortization |
|
4,186 |
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|
1,208 |
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— |
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— |
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|
5,394 |
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Share-based compensation expense |
|
1,457 |
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|
60 |
|
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— |
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— |
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|
1,517 |
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Interest expense |
|
73 |
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|
6 |
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— |
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— |
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|
79 |
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Interest income |
|
8 |
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— |
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— |
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— |
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|
8 |
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Income tax expense (benefit) |
|
8,858 |
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(23 |
) |
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— |
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— |
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8,835 |
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Net income (loss) |
|
14,223 |
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(56 |
) |
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— |
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— |
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|
14,167 |
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Total assets |
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367,961 |
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38,863 |
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— |
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(36,048 |
) |
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370,776 |
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Capital expenditures |
|
4,702 |
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|
518 |
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— |
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— |
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|
5,220 |
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Six months ended June 30, 2013 |
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Forward Air |
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FASI |
|
TQI |
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Eliminations |
|
Consolidated |
External revenues |
|
$ |
239,058 |
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$ |
46,193 |
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$ |
16,113 |
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$ |
— |
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$ |
301,364 |
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Intersegment revenues |
|
1,131 |
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|
362 |
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— |
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(1,493 |
) |
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— |
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Depreciation and amortization |
|
7,872 |
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|
2,367 |
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|
918 |
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— |
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|
11,157 |
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Share-based compensation expense |
|
2,983 |
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|
85 |
|
|
26 |
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— |
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|
3,094 |
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Interest expense |
|
251 |
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5 |
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— |
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— |
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|
256 |
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Interest income |
|
23 |
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— |
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|
1 |
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— |
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|
24 |
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Income tax expense (benefit) |
|
13,385 |
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(355 |
) |
|
369 |
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— |
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|
13,399 |
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Net income (loss) |
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24,713 |
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(661 |
) |
|
633 |
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— |
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|
24,685 |
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Total assets |
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445,251 |
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|
38,461 |
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82,838 |
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(98,358 |
) |
|
468,192 |
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Capital expenditures |
|
22,314 |
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|
4,505 |
|
|
1,175 |
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— |
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|
27,994 |
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Six months ended June 30, 2012 |
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Forward Air |
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FASI |
|
TQI |
|
Eliminations |
|
Consolidated |
External revenues |
|
$ |
248,499 |
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|
$ |
36,908 |
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$ |
— |
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$ |
— |
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|
$ |
285,407 |
|
Intersegment revenues |
|
386 |
|
|
665 |
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— |
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(1,051 |
) |
|
— |
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Depreciation and amortization |
|
8,213 |
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|
2,302 |
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— |
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— |
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|
10,515 |
|
Share-based compensation expense |
|
2,988 |
|
|
135 |
|
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— |
|
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— |
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|
3,123 |
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Interest expense |
|
117 |
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|
13 |
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— |
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— |
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|
130 |
|
Interest income |
|
23 |
|
|
— |
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|
— |
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— |
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|
23 |
|
Income tax expense (benefit) |
|
15,556 |
|
|
(239 |
) |
|
— |
|
|
— |
|
|
15,317 |
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Net income (loss) |
|
24,887 |
|
|
(447 |
) |
|
— |
|
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— |
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|
24,440 |
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Total assets |
|
367,961 |
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|
38,863 |
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— |
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(36,048 |
) |
|
370,776 |
|
Capital expenditures |
|
13,967 |
|
|
4,351 |
|
|
— |
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— |
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|
18,318 |
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