Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2025

A reconciliation of net loss 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, 2025 and 2024 is as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024

Numerator:
Loss from continuing operations	$	(23,757)	$	(34,198)	$	(105,312)	$	(1,089,463)
Less, net loss from continuing operations attributable to noncontrolling interest	(7,507)		38,073		(25,842)		(314,923)
Net loss available to Forward Air, before discontinuing operations	(16,250)		(72,271)		(79,470)		(774,540)
Less, loss from discontinued operations net of tax	—		(1,137)		—		(6,013)
Net loss attributable to Forward Air	$	(16,250)	$	(73,408)	$	(79,470)	$	(780,553)








Numerator for basic and diluted net loss per share for continuing operations	$	(16,250)	$	(73,101)	$	(79,470)	$	(775,347)
Numerator for basic and diluted net loss per share for discontinued operations	$	—	$	(1,137)	$	—	$	(6,013)

Denominator:


Denominator for basic and diluted net loss per share - weighted-average number of common shares outstanding	30,972		27,941		30,538		26,983

Basic and diluted net loss per share attributable to Forward Air
Continuing operations	$	(0.52)	$	(2.62)	$	(2.60)	$	(28.73)
Discontinued operation	—		(0.04)		—		(0.22)
Net loss per basic and diluted share1	$	(0.52)	$	(2.66)	$	(2.60)	$	(28.95)





1Rounding may impact summation of amounts.

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, 2025 and 2024 are as follows:


	Three Months Ended		Nine Months Ended
	September 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Anti-dilutive stock options	32	287	32	287
Anti-dilutive performance shares	104	7	93	13
Anti-dilutive restricted shares and deferred stock units	62	166	328	166
Total anti-dilutive shares	198	460	453	466

FORWARD AIR CORP 10-Q