Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

 v2.3.0.11
Segment Reporting
6 Months Ended
Jun. 30, 2011
Notes to Financial Statements [Abstract]  
Segment Reporting
12.
Segment Reporting

The Company operates in two reportable segments based on differences in services provided.  Forward Air provides time-definite transportation and logistics services to the deferred air freight market.  FASI provides pool distribution services primarily to regional and national distributors and retailers.
 
The accounting policies of the segments are the same as those described in the summary of significant accounting policies disclosed in Note 1 to the Consolidated Financial Statements included in the Company’s 2010 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, 2011 and 2010.

 
Three months ended June 30, 2011
 
Forward Air
 
FASI
   
Eliminations
   
Consolidated
External revenues
$ 116,369   $ 15,823     $ --     $ 132,192
Intersegment revenues
  141     82       (223 )     --
Depreciation and amortization
  4,156     1,066       --       5,222
Share-based compensation expense
  1,433     79       --       1,512
Interest expense
  131     10       --       141
Interest income
  55     --       --       55
Income tax expense (benefit)
  7,975     (178 )     --       7,797
Net income (loss)
  12,284     (315 )     --       11,969
Total assets
  385,665     36,688       (39,374 )     382,979
Capital expenditures
  7,562     550       --       8,112
 
 
Three months ended June 30, 2010
 
Forward Air
 
FASI
   
Eliminations
   
Consolidated
External revenues
$ 105,290   $ 16,842     $ --     $ 122,132
Intersegment revenues
  288     78       (366 )     --
Depreciation and amortization
  4,124     983       --       5,107
Stock-based compensation expense
  1,523     95       --       1,618
Interest expense
  166     15       --       181
Interest income
  5     1       --       6
Income tax expense (benefit)
  5,664     (274 )     --       5,390
Net income (loss)
  8,381     (469 )     --       7,912
Total assets
  331,721     38,475       (39,699 )     330,497
Capital expenditures
  2,747     566       --       3,313
                           
                           
 
Six months ended June 30, 2011
 
Forward Air
 
FASI
   
Eliminations
   
Consolidated
External revenues
$ 221,414   $ 30,980     $ --     $ 252,394
Intersegment revenues
  263     163       (426 )     --
Depreciation and amortization
  8,227     2,077       --       10,304
Share-based compensation expense
  2,786     169       --       2,955
Interest expense
  313     23       --       336
Interest income
  104     --       --       104
Income tax expense (benefit)
  13,589     (554 )     --       13,035
Net income (loss)
  20,792     (954 )     --       19,838
Total assets
  385,665     36,688       (39,374 )     382,979
Capital expenditures
  12,943     2,498       --       15,441
                           
                           
 
Six months ended June 30, 2010
 
Forward Air
 
FASI
   
Eliminations
   
Consolidated
External revenues
$ 195,907   $ 33,201     $ --     $ 229,108
Intersegment revenues
  563     145       (708 )     --
Depreciation and amortization
  8,163     1,892       --       10,055
Stock-based compensation expense
  3,178     203       --       3,381
Interest expense
  334     32       --       366
Interest income
  10     3       --       13
Income tax expense (benefit)
  8,565     (694 )     --       7,871
Net income (loss)
  12,506     (1,175 )     --       11,331
Total assets
  331,721     38,475       (39,699 )     330,497
Capital expenditures
  5,398     3,341       --       8,739