Forward Air Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

The Company recorded shared-based compensation expense as follows for the three and six months ended June 30, 2021 and 2020:


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Salaries, wages and employee benefits - continuing operations	$	2,463	$	2,154	$	4,732	$	4,971
Salaries, wages and employee benefits - discontinued operation	—		222		16		410
Total share-based compensation expense	$	2,463	$	2,376	$	4,748	$	5,381

Share-based Payment Arrangement Activity

Stock option transactions during the six months ended June 30, 2021 on a continuing operations basis were as follows:


	Stock Options	Weighted-Average Exercise Price
Outstanding as of January 1, 2021	359	$	55.79
Granted	39	75.05
Exercised	(52)	54.57
Forfeited	—	—
Outstanding as of June 30, 2021	346	$	58.30

Stock option transactions during the six months ended June 30, 2021 on a discontinued operation basis were as follows:


	Stock Options	Weighted-Average Exercise Price
Outstanding as of January 1, 2021	14	$	52.15
Granted	—	—
Exercised	(14)	52.15
Forfeited	—	—
Outstanding as of June 30, 2021	—	$	—

Share Activity

Restricted share transactions during the six months ended June 30, 2021 on a continuing operations basis were as follows:


	Restricted Shares	Weighted-Average Grant Date Fair Value
Outstanding as of January 1, 2021	210	$	62.78
Granted	108	75.28
Vested	(98)	61.49
Forfeited	(15)	69.91
Outstanding as of June 30, 2021	205	$	69.31

Restricted share transactions during the six months ended June 30, 2021 on a discontinued operation basis were as follows:


	Restricted Shares	Weighted-Average Grant Date Fair Value
Outstanding as of January 1, 2021	10	$	61.25
Granted	—	—
Vested	(5)	60.49
Forfeited	(5)	61.92
Outstanding as of June 30, 2021	—	$	—

Director restricted share transactions during the six months ended June 30, 2021 were as follows:


	Director Restricted Shares	Weighted-Average Grant Date Fair Value
Outstanding as of January 1, 2021	24	$	42.88
Granted	17	93.39
Vested	(26)	47.12
Forfeited	—	—
Outstanding as of June 30, 2021	15	$	93.46

Activity of Performance Awards

Performance award transactions during the six months ended June 30, 2021 on a continuing operations basis were as follows assuming target levels of performance:


	Performance Awards	Weighted-Average Grant Date Fair Value
Outstanding as of January 1, 2021	65	$	67.62
Granted	36	87.33

Earned	(11)	72.30
Forfeited or unearned	(11)	70.22
Outstanding as June 30, 2021	79	$	75.61

Schedule of Employee Stock Purchase Plan

Employee stock purchase plan activity and related information was as follows on a continuing operations basis:


	Six Months Ended
	June 30, 2021		June 30, 2020
Shares purchased by participants under the ESPP	5		6
Average purchase price	$	68.76	$	44.84
Weighted-average fair value of each purchase right under the ESPP granted ¹	$	20.99	$	4.98
Share-based compensation for ESPP shares	$	118	$	30

¹ Equal to the discount from the market value of the common stock at the end of each six month purchase period.

Employee stock purchase plan activity and related information was as follows on a discontinued operation basis:


	Six Months Ended
	June 30, 2021		June 30, 2020
Shares purchased by participants under the ESPP	—		1
Average purchase price	$	—	$	44.84
Weighted-average fair value of each purchase right under the ESPP granted ¹	$	—	$	4.98
Share-based compensation for ESPP shares	$	—	$	3

¹ Equal to the discount from the market value of the common stock at the end of each six month purchase period.