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)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

The Company recorded share-based compensation expense as follows for the three and nine months ended September 30, 2021 and 2020:


	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Salaries, wages and employee benefits - continuing operations	$	2,283	$	2,085	$	7,015	$	7,056
Salaries, wages and employee benefits - discontinued operation	—		162		16		572
Total share-based compensation expense	$	2,283	$	2,247	$	7,031	$	7,628

Share-based Payment Arrangement Activity

Stock option transactions during the nine months ended September 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 September 30, 2021	346	$	58.30

Stock option transactions during the nine months ended September 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 September 30, 2021	—	$	—

Share Activity

Restricted share transactions during the nine months ended September 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	109	75.35
Vested	(108)	61.67
Forfeited	(17)	69.78
Outstanding as of September 30, 2021	194	$	69.84

Restricted share transactions during the nine months ended September 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 September 30, 2021	—	$	—

Director restricted share transactions during the nine months ended September 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 September 30, 2021	15	$	93.46

Activity of Performance Awards

Performance award transactions during the nine months ended September 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 of September 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:


	Nine Months Ended
	September 30, 2021		September 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 granted¹	$	20.99	$	4.98
Share-based compensation expense for ESPP	$	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:


	Nine Months Ended
	September 30, 2021		September 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 granted¹	$	—	$	4.98
Share-based compensation expense for ESPP	$	—	$	3

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