| Schedule of Net (Loss) 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, 2024 and 2023 is as follows:
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Three Months Ended |
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Nine Months Ended |
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September 30, 2024 |
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September 30, 2023 |
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September 30, 2024 |
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September 30, 2023 |
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| Numerator: |
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| Net (loss) income from continuing operations |
$ |
(72,271) |
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$ |
6,493 |
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$ |
(774,540) |
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$ |
57,524 |
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| Net (loss) income from discontinued operation |
(1,137) |
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2,795 |
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(6,013) |
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8,083 |
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| Net (loss) income attributable to Forward Air |
(73,408) |
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9,288 |
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(780,553) |
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65,607 |
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| Income allocated to participating securities from continuing operations |
— |
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(40) |
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— |
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(313) |
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| Income allocated to participating securities from discontinued operation |
— |
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(17) |
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— |
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(44) |
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| Income allocated to participating securities |
— |
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(57) |
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— |
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(357) |
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| Numerator for basic and diluted net (loss) income per share for continuing operations |
$ |
(73,101) |
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$ |
6,453 |
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$ |
(775,347) |
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$ |
57,211 |
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| Numerator for basic and diluted net income per share for discontinued operation |
$ |
(1,137) |
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$ |
2,778 |
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$ |
(6,013) |
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$ |
8,039 |
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| Denominator: |
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| Denominator for basic net (loss) income per share - weighted-average number of common shares outstanding |
27,941 |
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25,697 |
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26,983 |
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25,995 |
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| Dilutive stock options and performance share awards |
— |
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74 |
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— |
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101 |
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| Denominator for diluted net (loss) income per share - weighted-average number of common shares and common share equivalents outstanding |
27,941 |
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25,771 |
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26,983 |
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26,096 |
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| Basic net (loss) income per share attributable to Forward Air: |
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| Continuing operations |
$ |
(2.62) |
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$ |
0.25 |
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$ |
(28.73) |
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$ |
2.20 |
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| Discontinued operation |
(0.04) |
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0.11 |
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(0.22) |
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0.31 |
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| Net (loss) income per basic share |
$ |
(2.66) |
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$ |
0.36 |
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$ |
(28.95) |
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$ |
2.51 |
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| Diluted net (loss) income per share attributable to Forward Air: |
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| Continuing operations |
$ |
(2.62) |
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$ |
0.25 |
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$ |
(28.73) |
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$ |
2.19 |
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| Discontinued operation |
(0.04) |
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0.11 |
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(0.22) |
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0.31 |
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Net (loss) income per diluted share1
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$ |
(2.66) |
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$ |
0.36 |
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$ |
(28.95) |
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$ |
2.50 |
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1Rounding may impact summation of amounts.
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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, 2024 and 2023 are as follows:
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Three Months Ended |
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Nine Months Ended |
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September 30, 2024 |
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September 30, 2023 |
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September 30, 2024 |
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September 30, 2023 |
| Anti-dilutive stock options |
287 |
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112 |
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287 |
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105 |
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| Anti-dilutive performance shares |
7 |
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18 |
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13 |
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16 |
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| Anti-dilutive restricted shares and deferred stock units |
166 |
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72 |
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166 |
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61 |
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| Total anti-dilutive shares |
460 |
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202 |
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466 |
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182 |
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