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

Quarterly report pursuant to Section 13 or 15(d)

Financial Statements
Notes to Financial Statements

Condensed Consolidated Statements of Operations (Unaudited)

v2.3.0.11

Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Operating revenue:
Total operating revenue	$ 132,192	$ 122,132	$ 252,394	$ 229,108
Purchased transportation
Total purchased transportation	54,209	50,691	104,532	95,192
Salaries, wages and employee benefits	31,439	33,167	61,934	63,837
Operating leases	6,705	6,252	13,411	12,880
Depreciation and amortization	5,222	5,107	10,304	10,055
Insurance and claims	1,845	2,106	4,020	4,437
Fuel expense	2,564	2,044	4,952	4,102
Other operating expenses	10,332	9,263	20,079	19,048
Total operating expenses	112,316	108,630	219,232	209,551
Income from operations	19,876	13,502	33,162	19,557
Other income (expense):
Interest expense	(141)	(181)	(336)	(366)
Other, net	31	(19)	47	11
Total other expense	(110)	(200)	(289)	(355)
Income before income taxes	19,766	13,302	32,873	19,202
Income taxes	7,797	5,390	13,035	7,871
Net income	$ 11,969	$ 7,912	$ 19,838	$ 11,331
Net income (loss) per share:
Basic	$ 0.41	$ 0.27	$ 0.68	$ 0.39
Diluted	$ 0.40	$ 0.27	$ 0.67	$ 0.39
Weighted average shares outstanding:
Basic	29,337	28,973	29,236	28,962
Diluted	29,851	29,119	29,618	29,093
Dividends per share:	$ 0.07	$ 0.07	$ 0.14	$ 0.14

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