| Net Income Per Share |
A reconciliation of net income attributable to Forward Air and weighted-average common shares outstanding for purposes of calculating basic and diluted net income per share during the three and nine months ended September 30, 2021 and 2020 is as follows:
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Three Months Ended |
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Nine Months Ended |
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September 30,
2021 |
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September 30,
2020 |
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September 30,
2021 |
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September 30,
2020 |
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| Numerator: |
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| Net income and comprehensive income from continuing operations |
$ |
30,503 |
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$ |
16,992 |
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$ |
77,894 |
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$ |
37,634 |
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| Net loss and comprehensive loss from discontinued operation |
(6,967) |
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(345) |
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(12,500) |
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(9,458) |
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| Net income attributable to Forward Air |
$ |
23,536 |
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$ |
16,647 |
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$ |
65,394 |
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$ |
28,176 |
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| Income allocated to participating securities |
(235) |
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(150) |
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(541) |
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(184) |
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| Numerator for basic and diluted net income per share for continuing operations |
$ |
30,268 |
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$ |
16,842 |
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$ |
77,353 |
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$ |
37,450 |
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| Numerator for basic and diluted net loss per share for discontinued operation |
$ |
(6,967) |
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$ |
(345) |
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$ |
(12,500) |
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$ |
(9,458) |
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| Denominator: |
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| Denominator for basic net income per share - weighted-average number of common shares outstanding |
27,034 |
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27,559 |
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27,217 |
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27,732 |
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| Dilutive stock options and performance share awards |
110 |
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47 |
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134 |
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57 |
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| Denominator for diluted net income per share - weighted-average number of common shares and common share equivalents outstanding |
27,144 |
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27,606 |
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27,351 |
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27,789 |
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| Basic net income (loss) per share: |
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| Continuing operations |
$ |
1.12 |
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$ |
0.61 |
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$ |
2.84 |
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$ |
1.35 |
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| Discontinued operation |
(0.26) |
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(0.01) |
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(0.46) |
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(0.34) |
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Net income per basic share1
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$ |
0.86 |
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$ |
0.60 |
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$ |
2.39 |
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$ |
1.01 |
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| Diluted net income (loss) per share: |
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| Continuing operations |
$ |
1.12 |
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$ |
0.61 |
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$ |
2.83 |
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$ |
1.35 |
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| Discontinued operation |
(0.26) |
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(0.01) |
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(0.46) |
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(0.34) |
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| Net income per diluted share |
$ |
0.86 |
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$ |
0.60 |
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$ |
2.37 |
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$ |
1.01 |
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The number of shares that were not included in the calculation of net income per diluted share because to do so would have been anti-dilutive for the three and nine months ended September 30, 2021 and 2020 are as follows:
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Three Months Ended |
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Nine Months Ended |
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September 30,
2021 |
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September 30,
2020 |
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September 30,
2021 |
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September 30,
2020 |
| Anti-dilutive stock options |
39 |
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219 |
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39 |
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219 |
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| Anti-dilutive performance shares |
— |
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17 |
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— |
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31 |
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| Anti-dilutive restricted shares and deferred stock units |
— |
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6 |
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— |
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100 |
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| Total anti-dilutive shares |
39 |
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242 |
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39 |
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350 |
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