Net Loss Per Share (Tables)

A reconciliation of net loss attributable to Forward Air and weighted-average common shares outstanding for purposes of calculating basic and diluted net loss per share is as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025

Numerator:
Loss from continuing operations	$	(243,856)	$	(20,364)	$	(284,054)	$	(81,555)
Less: Net loss from continuing operations attributable to noncontrolling interest	(38,289)		(7,781)		(44,168)		(18,335)
Loss from continuing operations attributable to Forward Air	(205,567)		(12,583)		(239,886)		(63,220)

Loss from discontinued operations, net of tax	$	(2,075)	$	—	$	(2,075)	$	—
Less: Net loss from discontinued operations attributable to noncontrolling interest	(342)		—		(342)		—
Loss from discontinued operations attributable to Forward Air	(1,733)		—		(1,733)		—
Net loss attributable to Forward Air	$	(207,300)	$	(12,583)	(241,619)		(63,220)








Denominator:
Denominator for basic and diluted net loss per share—weighted-average number of common shares outstanding	32,481		30,429		32,043		30,319



Basic and diluted net loss per share attributable to Forward Air:
Continuing operations	$	(6.33)	$	(0.41)	$	(7.49)	$	(2.09)
Discontinued operations	(0.05)		—		(0.05)		—
Net loss per basic and diluted share	$	(6.38)	$	(0.41)	$	(7.54)	$	(2.09)

The following securities were excluded from the calculation of loss per share as their impact would be anti-dilutive:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2026	2025	2026	2025
Stock options	21	32	21	32
Performance shares	516	113	516	83
Restricted shares	737	496	737	319
Total anti-dilutive securities	1,274	641	1,274	434