Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 21, 2013 | |
Entity Information [Line Items] | ||
Entity Registrant Name | FORWARD AIR CORP | |
Entity Central Index Key | 912728 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 30,615,604 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash | $98,551 | $112,182 |
Accounts receivable, less allowance of $1,671 in 2013 and $1,444 in 2012 | 83,224 | 75,262 |
Other current assets | 18,849 | 10,952 |
Total current assets | 200,624 | 198,396 |
Property and equipment | 270,113 | 239,138 |
Less accumulated depreciation and amortization | 112,514 | 105,581 |
Total property and equipment, net | 157,599 | 133,557 |
Goodwill and other acquired intangibles: | ||
Goodwill | 88,404 | 43,332 |
Other acquired intangibles, net of accumulated amortization of $30,276 in 2013 and $26,028 in 2012 | 41,624 | 22,102 |
Total net goodwill and other acquired intangibles | 130,028 | 65,434 |
Other assets | 2,551 | 1,800 |
Total assets | 490,802 | 399,187 |
Current liabilities: | ||
Accounts payable | 17,067 | 11,168 |
Accrued expenses | 19,490 | 16,476 |
Current portion of debt and capital lease obligations | 92 | 276 |
Total current liabilities | 36,649 | 27,920 |
Long-term debt and capital lease obligations, less current portion | 4 | 58 |
Other long-term liabilities | 9,129 | 7,098 |
Deferred income taxes | 26,576 | 12,440 |
Shareholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock, $0.01 par value: Authorized shares - 50,000,000, Issued and outstanding shares - 30,415,873 in 2013 and 29,194,761 in 2012 | 304 | 292 |
Additional paid-in capital | 102,465 | 64,644 |
Retained earnings | 315,675 | 286,735 |
Total shareholders' equity | 418,444 | 351,671 |
Total liabilities and shareholders' equity | $490,802 | $399,187 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) Parenthetical (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ||
Accounts receivable, allowance | $1,671 | $1,444 |
Other acquired intangibles, accumulated amortization | $30,276 | $26,028 |
Shareholders' equity: | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized shares (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued shares (in shares) | 30,415,873 | 29,194,761 |
Common stock, outstanding shares (in shares) | 30,415,873 | 29,194,761 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating revenue: | ||||
Airport-to-airport | $100,960 | $96,914 | $288,457 | $290,006 |
Logistics | 32,562 | 20,878 | 87,474 | 63,315 |
Other | 6,862 | 6,528 | 19,624 | 19,498 |
Pool distribution | 29,649 | 19,194 | 75,841 | 56,102 |
Total operating revenue | 170,033 | 143,514 | 471,396 | 428,921 |
Purchased transportation | ||||
Airport-to-airport | 42,407 | 40,150 | 118,605 | 119,546 |
Logistics | 22,152 | 15,954 | 59,696 | 47,756 |
Other | 2,039 | 1,822 | 5,707 | 5,252 |
Pool distribution | 8,613 | 5,176 | 22,454 | 14,989 |
Total purchased transportation | 75,211 | 63,102 | 206,462 | 187,543 |
Salaries, wages and employee benefits | 39,165 | 31,698 | 109,149 | 97,408 |
Operating leases | 6,991 | 6,895 | 20,923 | 20,826 |
Depreciation and amortization | 6,220 | 5,425 | 17,377 | 15,940 |
Insurance and claims | 3,290 | 3,098 | 9,164 | 8,132 |
Fuel expense | 3,871 | 2,318 | 10,535 | 7,271 |
Other operating expenses | 12,428 | 11,352 | 36,634 | 32,303 |
Total operating expenses | 147,176 | 123,888 | 410,244 | 369,423 |
Income from operations | 22,857 | 19,626 | 61,152 | 59,498 |
Other income (expense): | ||||
Interest expense | -145 | -111 | -401 | -241 |
Other, net | 27 | -21 | 72 | -6 |
Total other expense | -118 | -132 | -329 | -247 |
Income before income taxes | 22,739 | 19,494 | 60,823 | 59,251 |
Income taxes | 8,542 | 7,227 | 21,941 | 22,544 |
Net income and comprehensive income | $14,197 | $12,267 | $38,882 | $36,707 |
Net income per share: | ||||
Basic (in dollars per share) | $0.47 | $0.42 | $1.30 | $1.27 |
Diluted (in dollars per share) | $0.46 | $0.41 | $1.27 | $1.24 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 30,374 | 29,088 | 30,017 | 28,895 |
Diluted (in shares) | 30,986 | 29,660 | 30,677 | 29,484 |
Dividends per share (in dollars per share) | $0.10 | $0.10 | $0.30 | $0.24 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ||
Net income | $38,882 | $36,707 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 17,377 | 15,940 |
Share-based compensation | 4,619 | 4,550 |
(Gain) loss on disposal of property and equipment | -468 | 259 |
Provision for loss on receivables | 234 | 226 |
Provision for revenue adjustments | 1,705 | 1,417 |
Deferred income tax | 4,658 | 2,460 |
Excess tax benefit for stock options exercised | -3,207 | -354 |
Changes in operating assets and liabilities | ||
Accounts receivable | -4,262 | -5,599 |
Prepaid expenses and other current assets | -1,575 | -1,629 |
Accounts payable and accrued expenses | 2,524 | -8,298 |
Net cash provided by operating activities | 60,487 | 45,679 |
Investing activities: | ||
Proceeds from disposal of property and equipment | 1,665 | 867 |
Purchases of property and equipment | -33,266 | -20,499 |
Acquisition of businesses, net of cash acquired | -45,328 | 0 |
Other | -111 | -267 |
Net cash used in investing activities | -77,040 | -19,899 |
Financing activities: | ||
Payments of debt and capital lease obligations | -20,351 | -411 |
Proceeds from exercise of stock options | 29,866 | 15,740 |
Payments of cash dividends | -9,071 | -7,009 |
Common stock issued under employee stock purchase plan | 137 | 119 |
Cash settlement of share-based awards for minimum tax withholdings | -866 | -386 |
Excess tax benefit for stock options exercised | 3,207 | 354 |
Net cash provided by financing activities | 2,922 | 8,407 |
Net (decrease) increase in cash | -13,631 | 34,187 |
Cash at beginning of period | 112,182 | 58,801 |
Cash at end of period | $98,551 | $92,988 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation [Text Block] | Basis of Presentation |
Forward Air Corporation's (“the Company”) services can be classified into three principal reporting segments: Forward Air, Inc. (“Forward Air”), Forward Air Solutions, Inc. (“FASI”) and Total Quality, Inc. ("TQI"). | |
Through the Forward Air segment, the Company is a leading provider of time-definite transportation and related logistics services to the North American deferred air freight market and its activities can be classified into three categories of service: airport-to-airport, logistics, and other. Forward Air’s airport-to-airport service operates a comprehensive national network for the time-definite surface transportation of expedited ground freight. The airport-to-airport service offers customers local pick-up and delivery and scheduled surface transportation of cargo as a cost effective, reliable alternative to air transportation. Forward Air’s logistics services provide expedited truckload brokerage and dedicated fleet services. Forward Air’s other services include shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. The Forward Air segment primarily provides its transportation services through a network of terminals located at or near airports in the United States and Canada. | |
FASI provides pool distribution services throughout the Mid-Atlantic, Southeast, Midwest and Southwest continental United States. Pool distribution involves managing high-frequency handling and distribution of time-sensitive product to numerous destinations in specific geographic regions. FASI’s primary customers for this service are regional and nationwide distributors and retailers, such as mall, strip mall and outlet based retail chains. | |
TQI is a provider of maximum security and temperature-controlled logistics services, primarily truckload services, to the pharmaceutical and life science industries. In addition to core pharmaceutical services, TQI provides truckload and less-than-truckload brokerage transportation services. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by United States generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The Company’s operating results are subject to seasonal trends when measured on a quarterly basis; therefore operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. For further information, refer to the consolidated financial statements and notes thereto included in the Forward Air Corporation Annual Report on Form 10-K for the year ended December 31, 2012. | |
The accompanying unaudited condensed consolidated financial statements of the Company include Forward Air Corporation and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Goodwill_and_LongLived_Assets
Goodwill and Long-Lived Assets | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Long-Lived Assets | Goodwill | ||||||||||||||||||||||||
Acquisition of TQI | |||||||||||||||||||||||||
On March 4, 2013, the Company entered into a Stock Purchase Agreement ("Agreement") with all of the shareholders of TQI to acquire 100% of the outstanding stock. Pursuant to the terms of the Agreement and concurrently with the execution of the Agreement, the Company acquired all of the outstanding capital stock of TQI in exchange for $45,328 in net cash, $20,113 in assumed debt and an available earn-out of $5,000. The assumed debt was immediately paid in full after funding of the acquisition. The acquisition and settlement of the assumed debt were funded using the Company's cash on hand. Under the purchase agreement, $4,500 of the purchase price was paid into an escrow account to protect the Company against potential unknown liabilities. The amount held in escrow will be remitted to the sellers on September 4, 2014. | |||||||||||||||||||||||||
Pursuant to the terms of the Agreement, the Company could pay the former shareholders of TQI additional cash consideration from $0 to $5,000 if certain earnings before interest, taxes, depreciation and amortization ("EBITDA") goals are exceeded. The ultimate payout is based on the level by which TQI operating results exceed specified thresholds as defined by the Agreement in both 2013 and 2014. The Company has recognized an estimated earn-out liability of $614 based on the most probable outcomes as of the acquisition date and September 30, 2013. The fair value of the earn-out liability (level 3) was estimated using an income approach based on the present value of probability-weighted amounts payable under a range of performance scenarios for 2013 and 2014 and a discount rate of 10.9%. If TQI's 2013 or 2014 EBITDA performance fails to meet or exceeds the projections used in our valuation of the earn out liability the final value of the liability could be significantly lower or higher than the liability the Company has currently recorded. | |||||||||||||||||||||||||
The Company incurred total transaction costs related to the acquisition of approximately $943, which was expensed during the nine months ended September 30, 2013, in accordance with U.S. GAAP. These transaction costs were primarily included in "Other operating expenses" expense in the consolidated statements of comprehensive income. | |||||||||||||||||||||||||
The acquisition allows the Company to expand and diversify its complimentary truckload operations while maintaining its goal of offering high-value added services. | |||||||||||||||||||||||||
The following table presents the preliminary allocation of the TQI purchase price to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands): | |||||||||||||||||||||||||
4-Mar-13 | |||||||||||||||||||||||||
Tangible assets: | |||||||||||||||||||||||||
Accounts receivable | $ | 5,639 | |||||||||||||||||||||||
Prepaid expenses and other current assets | 1,201 | ||||||||||||||||||||||||
Property and equipment | 5,103 | ||||||||||||||||||||||||
Other assets | 728 | ||||||||||||||||||||||||
Deferred income taxes | 937 | ||||||||||||||||||||||||
Total tangible assets | 13,608 | ||||||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||||||
Non-compete agreements | 470 | ||||||||||||||||||||||||
Trade name | 1,000 | ||||||||||||||||||||||||
Customer relationships | 22,300 | ||||||||||||||||||||||||
Goodwill | 45,072 | ||||||||||||||||||||||||
Total intangible assets | 68,842 | ||||||||||||||||||||||||
Total assets acquired | 82,450 | ||||||||||||||||||||||||
Liabilities assumed: | |||||||||||||||||||||||||
Current liabilities | 4,833 | ||||||||||||||||||||||||
Other liabilities | 1,735 | ||||||||||||||||||||||||
Debt | 20,113 | ||||||||||||||||||||||||
Deferred income taxes | 10,441 | ||||||||||||||||||||||||
Total liabilities assumed | 37,122 | ||||||||||||||||||||||||
Net assets acquired | $ | 45,328 | |||||||||||||||||||||||
The above estimated fair values of assets acquired and liabilities assumed are based on the information that was available as of the TQI acquisition date through the date of this filing. The Company is still in the process of finalizing the valuation of income tax related assets and liabilities and certain disputed charges for other taxes and associated professional fees. The acquired non-compete agreements and trade names are being amortized on straight-line basis over a 5 year life. Customer relationships acquired are being amortized on straight-line basis over a 15 year life. | |||||||||||||||||||||||||
The fair value of the non-compete agreements, trade name and customer relationship assets were estimated using an income approach (level 3). Under this method, an intangible asset's fair value is equal to the present value of the incremental after-tax cash flows (excess earnings) attributable solely to the intangible asset over its remaining useful life. To calculate fair value, the Company used cash flows discounted at rates considered appropriate given the inherent risks associated with each type of asset. The Company believes that the level and timing of cash flows appropriately reflect market participant assumptions. The fair value of the TQI trade name was estimated using an income approach, specifically known as the relief from royalty method. The relief from royalty method is based on a hypothetical royalty stream that would be paid if the Company did not own the TQI name and had to license the trade name. The Company derived the hypothetical royalty income from the projected revenues of TQI. Cash flows were assumed to extend through the remaining economic useful life of each class of intangible asset. | |||||||||||||||||||||||||
Included in the assumed liabilities of TQI is a liability for unrecognized tax benefits for $1,120. The liability is attributable to TQI not filing income tax returns in all jurisdictions in which it operated. The $1,120 consists of unrecognized tax benefits of $853 and related penalties and interest of $174 and $93, respectively. In accordance with the Agreement, the former shareholders of TQI have indemnified the Company against this tax exposure. As a result, the Company also recognized an offsetting receivable net of the estimated federal tax benefit for $728. | |||||||||||||||||||||||||
The assets, liabilities, and operating results of TQI have been included in the Company's consolidated financial statements from the date of acquisition and have been assigned to a new TQI reportable segment. The results of TQI reflected in the Company's consolidated statements of comprehensive income are as follows (in thousands, except per share data): | |||||||||||||||||||||||||
Three months ended September 30, 2013 | Since acquisition date to September 30, 2013 | ||||||||||||||||||||||||
Logistics revenue | $ | 12,431 | $ | 28,545 | |||||||||||||||||||||
Operating income | 934 | 1,936 | |||||||||||||||||||||||
Net income | 547 | 1,180 | |||||||||||||||||||||||
Net income per share | |||||||||||||||||||||||||
Basic | $ | 0.02 | $ | 0.04 | |||||||||||||||||||||
Diluted | $ | 0.02 | $ | 0.04 | |||||||||||||||||||||
The following unaudited pro forma information presents a summary of the Company's consolidated results of operations as if the TQI acquisition occurred as of January 1, 2012 (in thousands, except per share data). | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
30-Sep-13 | September 30, 2012 | ||||||||||||||||||||||||
Operating revenue | $ | 170,033 | $ | 158,499 | |||||||||||||||||||||
Income from operations | 22,857 | 21,333 | |||||||||||||||||||||||
Net income | 14,197 | 13,317 | |||||||||||||||||||||||
Net income per share | |||||||||||||||||||||||||
Basic | $ | 0.47 | $ | 0.46 | |||||||||||||||||||||
Diluted | $ | 0.46 | $ | 0.45 | |||||||||||||||||||||
Nine months ended | |||||||||||||||||||||||||
30-Sep-13 | September 30, 2012 | ||||||||||||||||||||||||
Operating revenue | $ | 479,940 | $ | 472,186 | |||||||||||||||||||||
Income from operations | 61,461 | 63,355 | |||||||||||||||||||||||
Net income | 39,073 | 39,079 | |||||||||||||||||||||||
Net income per share | |||||||||||||||||||||||||
Basic | $ | 1.3 | $ | 1.35 | |||||||||||||||||||||
Diluted | $ | 1.27 | $ | 1.33 | |||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
The following is a summary of the changes in goodwill for the nine months ended September 30, 2013. All goodwill, except the goodwill assigned to TQI, is deductible for tax purposes. | |||||||||||||||||||||||||
Forward Air | FASI | TQI | Total | ||||||||||||||||||||||
Accumulated | Accumulated | Accumulated | |||||||||||||||||||||||
Goodwill | Impairment | Goodwill | Impairment | Goodwill | Impairment | Net | |||||||||||||||||||
Beginning balance, December 31, 2012 | $ | 37,926 | $ | — | $ | 12,359 | $ | (6,953 | ) | $ | — | $ | — | $ | 43,332 | ||||||||||
TQI acquisition | — | — | — | — | 45,072 | — | 45,072 | ||||||||||||||||||
Ending balance, September 30, 2013 | $ | 37,926 | $ | — | $ | 12,359 | $ | (6,953 | ) | $ | 45,072 | $ | — | $ | 88,404 | ||||||||||
The Company conducted its annual impairment assessments and tests of goodwill for each reporting unit as of June 30, 2013 and no impairment charges were required. The Company conducts an annual (or more frequently if circumstances indicate possible impairment) impairment test of goodwill for each reporting unit at June 30 of each year. The first step of the goodwill impairment test is the Company assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than the reporting unit's carrying amount, including goodwill. When performing the qualitative assessment, the Company considers the impact of factors including, but not limited to, macroeconomic and industry conditions, overall financial performance of each reporting unit, litigation and new legislation. If based on the qualitative assessments, the Company believes it more likely than not that the fair value of a reporting unit is less than the reporting unit's carrying amount, or periodically as deemed appropriate by management, the Company will prepare an estimation of the respective reporting unit's fair value utilizing a quantitative approach. If a quantitative fair value estimation is required, the Company calculates the fair value of the applicable reportable units, using a combination of discounted projected cash flows and market valuations for comparable companies as of the valuation date. The Company's inputs into the fair value calculations for goodwill are classified within level 3 of the fair value hierarchy as defined in the FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles (“the FASB Codification”). If this estimation of fair value indicates that impairment potentially exists, the Company will then measure the amount of the impairment, if any. Goodwill impairment exists when the calculated implied fair value of goodwill is less than its carrying value. Changes in strategy or market conditions could significantly impact these fair value estimates and require adjustments to recorded asset balances. |
ShareBased_Payments
Share-Based Payments | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Share-Based Payments | Share-Based Payments | ||||||||||||
The Company’s general practice has been to make a single annual grant of share-based compensation to key employees and to make other employee grants only in connection with new employment or promotions. Forms of share-based compensation granted to employees by the Company include stock options, non-vested shares of common stock (“non-vested share”), and performance shares. The Company also typically makes a single annual grant of non-vested shares to non-employee directors in conjunction with the annual election of non-employee directors to the Board of Directors. Share-based compensation is based on the grant date fair value of the instrument and is recognized, net of estimated forfeitures, ratably over the requisite service period, or vesting period. The Company estimates forfeitures based upon historical experience. All share-based compensation expense is recognized in salaries, wages and employee benefits. | |||||||||||||
Employee Activity - Stock Options | |||||||||||||
Stock option grants to employees generally expire seven years from the grant date and typically vest ratably over a three-year period. The Company used the Black-Scholes option-pricing model to estimate the grant-date fair value of options granted. The weighted-average fair value of options granted and assumptions used to calculate their fair value during the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Expected dividend yield | 1.2 | % | - | ||||||||||
Expected stock price volatility | 43.4 | % | - | ||||||||||
Weighted average risk-free interest rate | 1.5 | % | - | ||||||||||
Expected life of options (years) | 4.5 | - | |||||||||||
Weighted average grant date fair value | $ | 13 | - | ||||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Expected dividend yield | 1.2 | % | 0.9 | % | |||||||||
Expected stock price volatility | 43.7 | % | 46.6 | % | |||||||||
Weighted average risk-free interest rate | 0.9 | % | 0.8 | % | |||||||||
Expected life of options (years) | 5.3 | 4.2 | |||||||||||
Weighted average grant date fair value | $ | 13 | $ | 13 | |||||||||
The following tables summarize the Company’s employee stock option activity and related information: | |||||||||||||
Three months ended September 30, 2013 | |||||||||||||
Weighted- | |||||||||||||
Weighted- | Aggregate | Average | |||||||||||
Average | Intrinsic | Remaining | |||||||||||
Options | Exercise | Value | Contractual | ||||||||||
0 | Price | 0 | Term | ||||||||||
Outstanding at June 30, 2013 | 1,902 | $ | 27 | ||||||||||
Granted | 5 | 37 | |||||||||||
Exercised | (69 | ) | 24 | ||||||||||
Forfeited | — | — | |||||||||||
Outstanding at September 30, 2013 | 1,838 | $ | 27 | $ | 19,715 | 2.6 | |||||||
Exercisable at September 30, 2013 | 1,622 | $ | 26 | $ | 19,159 | 2.2 | |||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for options | $ | 329 | $ | 575 | |||||||||
Tax benefit for option compensation | 124 | 167 | |||||||||||
Unrecognized compensation cost for options, net of estimated forfeitures | 1,899 | 2,052 | |||||||||||
Nine months ended September 30, 2013 | |||||||||||||
Weighted- | |||||||||||||
Weighted- | Aggregate | Average | |||||||||||
Average | Intrinsic | Remaining | |||||||||||
Options | Exercise | Value | Contractual | ||||||||||
0 | Price | 0 | Term | ||||||||||
Outstanding at December 31, 2012 | 2,874 | $ | 26 | ||||||||||
Granted | 114 | 37 | |||||||||||
Exercised | (1,150 | ) | 26 | ||||||||||
Forfeited | — | $ | — | ||||||||||
Outstanding at September 30, 2013 | 1,838 | $ | 27 | $ | 19,715 | 2.6 | |||||||
Exercisable at September 30, 2013 | 1,622 | $ | 26 | $ | 19,159 | 2.2 | |||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for options | $ | 1,076 | $ | 1,994 | |||||||||
Tax benefit for option compensation | 381 | 546 | |||||||||||
Unrecognized compensation cost for options, net of estimated forfeitures | 1,899 | 2,052 | |||||||||||
Employee Activity - Non-vested Shares | |||||||||||||
Non-vested share grants to employees vest ratably over a three-year period. The non-vested shares’ fair values were estimated using closing market prices on the day of grant. The following tables summarize the Company’s employee non-vested share activity and related information: | |||||||||||||
Three months ended September 30, 2013 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at June 30, 2013 | 189 | $ | 35 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (2 | ) | 35 | ||||||||||
Outstanding and non-vested at September 30, 2013 | 187 | $ | 35 | $ | 6,638 | ||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 781 | $ | 506 | |||||||||
Tax benefit for non-vested share compensation | 297 | 196 | |||||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | 4,508 | 4,035 | |||||||||||
Nine months ended September 30, 2013 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at December 31, 2012 | 168 | $ | 33 | ||||||||||
Granted | 98 | 37 | |||||||||||
Vested | (68 | ) | 37 | ||||||||||
Forfeited | (11 | ) | 36 | ||||||||||
Outstanding and non-vested at September 30, 2013 | 187 | $ | 35 | $ | 6,638 | ||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 2,289 | $ | 1,502 | |||||||||
Tax benefit for non-vested share compensation | 872 | 581 | |||||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | 4,508 | 4,035 | |||||||||||
Employee Activity - Performance Shares | |||||||||||||
In 2013 and 2012, the Company granted performance shares to key employees. Under the terms of the performance share agreements, on the third anniversary of the grant date, the Company will issue to the employees a calculated number of common stock shares based on the three year performance of the Company’s common stock share price as compared to the share price performance of a selected peer group. No shares may be issued if the Company share price performance outperforms 30% or less of the peer group, but the number of shares issued may be doubled if the Company share price performs better than 90% of the peer group. The fair value of the performance shares was estimated using a Monte Carlo simulation. The weighted average assumptions used in the Monte Carlo calculation were as follows: | |||||||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Expected stock price volatility | 34.5 | % | 40.8 | % | |||||||||
Weighted average risk-free interest rate | 0.4 | % | 0.4 | % | |||||||||
The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information: | |||||||||||||
Three months ended September 30, 2013 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Performance | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at June 30, 2013 | 88 | $ | 37 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Outstanding and non-vested at September 30, 2013 | 88 | $ | 37 | $ | 3,278 | ||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for performance shares | $ | 275 | $ | 185 | |||||||||
Tax benefit for performance share compensation | 105 | 72 | |||||||||||
Unrecognized compensation cost for performance shares, net of estimated forfeitures | 1,465 | 1,356 | |||||||||||
Nine months ended September 30, 2013 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Performance | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at December 31, 2012 | 62 | $ | 36 | ||||||||||
Granted | 26 | 40 | |||||||||||
Vested | — | — | |||||||||||
Outstanding and non-vested at September 30, 2013 | 88 | $ | 37 | $ | 3,278 | ||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for performance shares | $ | 780 | $ | 515 | |||||||||
Tax benefit for performance share compensation | 297 | 199 | |||||||||||
Unrecognized compensation cost for performance shares, net of estimated forfeitures | 1,465 | 1,356 | |||||||||||
Employee Activity - Employee Stock Purchase Plan | |||||||||||||
Under the 2005 Employee Stock Purchase Plan (the “ESPP”), which has been approved by shareholders, the Company is authorized to issue up to a remaining 416,881 shares of common stock to employees of the Company. These shares may be issued at a price equal to 90% of the lesser of the market value on the first day or the last day of each six-month purchase period. Common stock purchases are paid for through periodic payroll deductions and/or up to two large lump sum contributions. For the nine months ended September 30, 2013, participants under the plan purchased 4,241 shares at an average price of $32.34 per share. For the nine months ended September 30, 2012, participants under the plan purchased 4,121 shares at an average price of $29.04 per share. The weighted-average fair value of each purchase right under the ESPP granted for the nine months ended September 30, 2013, which is equal to the discount from the market value of the common stock at the end of each six month purchase period, was $5.94 per share. The weighted-average fair value of each purchase right under the ESPP granted for the nine months ended September 30, 2012, which is equal to the discount from the market value of the common stock at the end of each six month purchase period, was $3.23 per share. Share-based compensation expense of $26 and $13 was recognized during the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||
Non-employee Director Activity - Non-vested Shares | |||||||||||||
Grants of non-vested shares to non-employee directors vest ratably over the elected term to the Board of Directors, or one year. The following tables summarize the Company’s non-employee non-vested share activity and related information: | |||||||||||||
Three months ended September 30, 2013 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at June 30, 2013 | 15 | $ | 38 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Outstanding and non-vested at September 30, 2013 | 15 | $ | 38 | $ | 560 | ||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 141 | $ | 161 | |||||||||
Tax benefit for non-vested share compensation | 54 | 62 | |||||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | 335 | 385 | |||||||||||
Nine months ended September 30, 2013 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at December 31, 2012 | 20 | $ | 32 | ||||||||||
Granted | 15 | 38 | |||||||||||
Vested | (20 | ) | 32 | ||||||||||
Outstanding and non-vested at September 30, 2013 | 15 | $ | 38 | $ | 560 | ||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 448 | $ | 526 | |||||||||
Tax benefit for non-vested share compensation | 171 | 204 | |||||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | 335 | 385 | |||||||||||
Non-employee Director Activity - Stock Options | |||||||||||||
In addition to the above activity, each May from 1995 to 2005 options were granted to the non-employee directors of the Company. The options have terms of ten years and are fully exercisable. At September 30, 2013, 26,250 options were outstanding and will expire between May 2014 and May 2015. At September 30, 2013, the weighted average exercise price per share and remaining contractual term for the outstanding options of non-employee directors were $23 and 1.2 years, respectively. |
Senior_Credit_Facility
Senior Credit Facility | 9 Months Ended |
Sep. 30, 2013 | |
Senior Credit Facility [Abstract] | |
Debt Disclosure [Text Block] | Senior Credit Facility |
In February 2012, the Company entered into a new $150,000 credit facility. This facility has a term of five years and matures in February 2017. The Company entered into this larger credit facility in order to fund potential acquisitions, the repurchase of its common stock and the financing of other general business purposes. Interest rates for advances under the facility are LIBOR plus 1.1% based upon covenants related to total indebtedness to earnings (1.3% at September 30, 2013). The agreement contains certain covenants and restrictions, none of which are expected to significantly affect the Company's operations or ability to pay dividends. No assets are pledged as collateral against the credit facility. As of September 30, 2013, the Company had no borrowings outstanding under the senior credit facility. At September 30, 2013, the Company had utilized $9,374 of availability for outstanding letters of credit and had $140,626 of available borrowing capacity outstanding under the senior credit facility. |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Net Income Per Share | Net Income Per Share | ||||||||||||||||
The following table sets forth the computation of basic and diluted net income per share: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | September 30, 2013 | September 30, 2012 | ||||||||||||||
2013 | 2012 | ||||||||||||||||
Numerator: | |||||||||||||||||
Numerator for basic and diluted income per share - net income | $ | 14,197 | $ | 12,267 | $ | 38,882 | $ | 36,707 | |||||||||
Denominator (in thousands): | |||||||||||||||||
Denominator for basic income per share - weighted-average shares | 30,374 | 29,088 | 30,017 | 28,895 | |||||||||||||
Effect of dilutive stock options (in thousands) | 447 | 493 | 512 | 517 | |||||||||||||
Effect of dilutive performance shares (in thousands) | 13 | — | 9 | — | |||||||||||||
Effect of dilutive non-vested shares and deferred stock units (in thousands) | 152 | 79 | 139 | 72 | |||||||||||||
Denominator for diluted income per share - adjusted weighted-average shares | 30,986 | 29,660 | 30,677 | 29,484 | |||||||||||||
Basic net income per share | $ | 0.47 | $ | 0.42 | $ | 1.3 | $ | 1.27 | |||||||||
Diluted net income per share | $ | 0.46 | $ | 0.41 | $ | 1.27 | $ | 1.24 | |||||||||
The number of instruments that could potentially dilute net income per basic share in the future, but that were not included in the computation of net income per diluted share because to do so would have been anti-dilutive for the periods presented, are as follows: | |||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Anti-dilutive stock options (in thousands) | 186 | 213 | |||||||||||||||
Anti-dilutive performance shares (in thousands) | — | 21 | |||||||||||||||
Anti-dilutive non-vested shares and deferred stock units (in thousands) | — | — | |||||||||||||||
Total anti-dilutive shares (in thousands) | 186 | 234 | |||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, various states and Canada. With a few exceptions, the Company is no longer subject to U.S. federal, state and local, or Canadian examinations by tax authorities for years before 2007. | |
For the three and nine months ended September 30, 2013 and 2012, the effective income tax rates varied from the statutory federal income tax rate of 35.0%, primarily as a result of the effect of state income taxes, net of the federal benefit, and permanent differences between book and tax net income. The combined federal and state effective tax rate for the nine months ended September 30, 2013 was 36.1% compared to a rate of 38.0% for the same period in 2012. The reduction in the effective tax rate was primarily due to the 2013 retroactive reinstatement of alternative fuel tax credits for 2012 and benefits obtained from disqualified dispositions by employees of previously non-deductible incentive stock options. |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||||||
Financial Instruments Disclosure [Text Block] | Financial Instruments | ||||||||
Concentrations of Credit Risk | |||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and trade accounts receivable. The Company does not generally require collateral from its customers. Concentrations of credit risk with respect to trade accounts receivable on a consolidated basis are limited due to the large number of entities comprising the Company’s customer base and their dispersion across many different industries. | |||||||||
Fair Value of Financial Instruments | |||||||||
The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: | |||||||||
Accounts receivable and accounts payable: The carrying amounts reported in the balance sheet for accounts receivable and accounts payable approximate their fair value based on their short-term nature. | |||||||||
The Company’s senior credit facility bears interest at LIBOR plus 1.1% based upon covenants related to total indebtedness to earnings. Using interest rate quotes and discounted cash flows, the Company estimated the fair value of its outstanding debt and capital lease obligations as follows: | |||||||||
September 30, 2013 | |||||||||
Carrying Value | Fair Value | ||||||||
Debt and capital leases | $ | 96 | $ | 131 | |||||
The Company's fair value calculations for the above financial instruments are classified within level 3 of the fair value hierarchy. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders' Equity |
During the first and second quarters of 2012, the Company’s Board of Directors declared a cash dividend of $0.07 per share of common stock. During the third and fourth quarters of 2012 and each quarter of 2013, the Company's Board of Directors declared a cash dividend of $0.10 per share of common stock. The Company expects to continue to pay regular quarterly cash dividends, though each subsequent quarterly dividend is subject to review and approval by the Board of Directors. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
From time to time, the Company is party to ordinary, routine litigation incidental to and arising in the normal course of business. The Company does not believe that any of these pending actions, individually or in the aggregate, will have a material adverse effect on its business, financial condition or results of operations. | |
The primary claims in the Company’s business relate to workers’ compensation, property damage, vehicle liability and medical benefits. Most of the Company’s insurance coverage provides for self-insurance levels with primary and excess coverage which management believes is sufficient to adequately protect the Company from catastrophic claims. In the opinion of management, adequate provision has been made for all incurred claims up to the self-insured limits, including provision for estimated claims incurred but not reported. | |
The Company estimates its self-insurance loss exposure by evaluating the merits and circumstances surrounding individual known claims and by performing hindsight and actuarial analysis to determine an estimate of probable losses on claims incurred but not reported. Such losses could be realized immediately as the events underlying the claims have already occurred as of the balance sheet dates. | |
Because of the uncertainty of the ultimate resolution of outstanding claims, as well as uncertainty regarding claims incurred but not reported, it is possible that management’s provision for these losses could change materially in the near term. However, no estimate can currently be made of the range of additional loss that is at least reasonably possible. |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Reporting | Segment Reporting | ||||||||||||||||||||
The Company operates in three reportable segments based on information available to and used by the chief operating decision maker. Forward Air provides time-definite transportation and logistics services to the deferred air freight market. FASI provides pool distribution services primarily to regional and national distributors and retailers. TQI is a provider of maximum security and temperature-controlled logistics services, primarily truckload services, to the pharmaceutical and life science industries. | |||||||||||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies disclosed in Note 1 to the Consolidated Financial Statements included in the Company’s 2012 Annual Report on Form 10-K. Segment data includes intersegment revenues. Assets and costs of the corporate headquarters are allocated to the segments based on usage. The Company evaluates the performance of its segments based on net income (loss). The Company’s business is conducted in the U.S. and Canada. | |||||||||||||||||||||
The following tables summarize segment information about net income (loss) and assets used by the chief operating decision maker of the Company in making decisions regarding allocation of assets and resources as of and for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||
Forward Air | FASI | TQI | Eliminations | Consolidated | |||||||||||||||||
External revenues | $ | 127,953 | $ | 29,649 | $ | 12,431 | $ | — | $ | 170,033 | |||||||||||
Intersegment revenues | 838 | 179 | — | (1,017 | ) | — | |||||||||||||||
Depreciation and amortization | 4,238 | 1,254 | 728 | — | 6,220 | ||||||||||||||||
Share-based compensation expense | 1,471 | 28 | 26 | — | 1,525 | ||||||||||||||||
Interest expense | 144 | 1 | — | — | 145 | ||||||||||||||||
Interest income | 6 | — | — | — | 6 | ||||||||||||||||
Income tax expense | 7,604 | 551 | 387 | — | 8,542 | ||||||||||||||||
Net income | 12,768 | 882 | 547 | — | 14,197 | ||||||||||||||||
Total assets | 464,538 | 42,043 | 84,343 | (100,122 | ) | 490,802 | |||||||||||||||
Capital expenditures | 1,679 | 1,797 | 1,796 | — | 5,272 | ||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||
Forward Air | FASI | TQI | Eliminations | Consolidated | |||||||||||||||||
External revenues | $ | 124,320 | $ | 19,194 | $ | — | $ | — | $ | 143,514 | |||||||||||
Intersegment revenues | 186 | 274 | — | (460 | ) | — | |||||||||||||||
Depreciation and amortization | 4,242 | 1,183 | — | — | 5,425 | ||||||||||||||||
Share-based compensation expense | 1,412 | 16 | — | — | 1,428 | ||||||||||||||||
Interest expense | 106 | 5 | — | — | 111 | ||||||||||||||||
Interest income | 5 | — | — | — | 5 | ||||||||||||||||
Income tax expense | 7,133 | 94 | — | — | 7,227 | ||||||||||||||||
Net income | 12,106 | 161 | — | — | 12,267 | ||||||||||||||||
Total assets | 386,462 | 36,279 | — | (36,123 | ) | 386,618 | |||||||||||||||
Capital expenditures | 1,343 | 838 | — | — | 2,181 | ||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||
Forward Air | FASI | TQI | Eliminations | Consolidated | |||||||||||||||||
External revenues | $ | 367,011 | $ | 75,841 | $ | 28,544 | $ | — | $ | 471,396 | |||||||||||
Intersegment revenues | 1,969 | 540 | — | (2,509 | ) | — | |||||||||||||||
Depreciation and amortization | 12,110 | 3,621 | 1,646 | — | 17,377 | ||||||||||||||||
Share-based compensation expense | 4,453 | 113 | 53 | — | 4,619 | ||||||||||||||||
Interest expense | 395 | 6 | — | — | 401 | ||||||||||||||||
Interest income | 29 | — | 1 | — | 30 | ||||||||||||||||
Income tax expense | 20,989 | 196 | 756 | — | 21,941 | ||||||||||||||||
Net income | 37,481 | 221 | 1,180 | — | 38,882 | ||||||||||||||||
Total assets | 464,538 | 42,043 | 84,343 | (100,122 | ) | 490,802 | |||||||||||||||
Capital expenditures | 23,993 | 6,302 | 2,971 | — | 33,266 | ||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||
Forward Air | FASI | TQI | Eliminations | Consolidated | |||||||||||||||||
External revenues | $ | 372,819 | $ | 56,102 | $ | — | $ | — | $ | 428,921 | |||||||||||
Intersegment revenues | 939 | 572 | — | (1,511 | ) | — | |||||||||||||||
Depreciation and amortization | 12,455 | 3,485 | — | — | 15,940 | ||||||||||||||||
Share-based compensation expense | 4,399 | 151 | — | — | 4,550 | ||||||||||||||||
Interest expense | 223 | 18 | — | — | 241 | ||||||||||||||||
Interest income | 29 | — | — | — | 29 | ||||||||||||||||
Income tax expense (benefit) | 22,689 | (145 | ) | — | — | 22,544 | |||||||||||||||
Net income (loss) | 36,993 | (286 | ) | — | — | 36,707 | |||||||||||||||
Total assets | 386,462 | 36,279 | — | (36,123 | ) | 386,618 | |||||||||||||||
Capital expenditures | 15,310 | 5,189 | — | — | 20,499 | ||||||||||||||||
Goodwill_and_LongLived_Assets_
Goodwill and Long-Lived Assets Acquisitions and Goodwill (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | The following table presents the preliminary allocation of the TQI purchase price to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands): | ||||||||||||||||||||||||
4-Mar-13 | |||||||||||||||||||||||||
Tangible assets: | |||||||||||||||||||||||||
Accounts receivable | $ | 5,639 | |||||||||||||||||||||||
Prepaid expenses and other current assets | 1,201 | ||||||||||||||||||||||||
Property and equipment | 5,103 | ||||||||||||||||||||||||
Other assets | 728 | ||||||||||||||||||||||||
Deferred income taxes | 937 | ||||||||||||||||||||||||
Total tangible assets | 13,608 | ||||||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||||||
Non-compete agreements | 470 | ||||||||||||||||||||||||
Trade name | 1,000 | ||||||||||||||||||||||||
Customer relationships | 22,300 | ||||||||||||||||||||||||
Goodwill | 45,072 | ||||||||||||||||||||||||
Total intangible assets | 68,842 | ||||||||||||||||||||||||
Total assets acquired | 82,450 | ||||||||||||||||||||||||
Liabilities assumed: | |||||||||||||||||||||||||
Current liabilities | 4,833 | ||||||||||||||||||||||||
Other liabilities | 1,735 | ||||||||||||||||||||||||
Debt | 20,113 | ||||||||||||||||||||||||
Deferred income taxes | 10,441 | ||||||||||||||||||||||||
Total liabilities assumed | 37,122 | ||||||||||||||||||||||||
Net assets acquired | $ | 45,328 | |||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The results of TQI reflected in the Company's consolidated statements of comprehensive income are as follows (in thousands, except per share data): | ||||||||||||||||||||||||
Three months ended September 30, 2013 | Since acquisition date to September 30, 2013 | ||||||||||||||||||||||||
Logistics revenue | $ | 12,431 | $ | 28,545 | |||||||||||||||||||||
Operating income | 934 | 1,936 | |||||||||||||||||||||||
Net income | 547 | 1,180 | |||||||||||||||||||||||
Net income per share | |||||||||||||||||||||||||
Basic | $ | 0.02 | $ | 0.04 | |||||||||||||||||||||
Diluted | $ | 0.02 | $ | 0.04 | |||||||||||||||||||||
The following unaudited pro forma information presents a summary of the Company's consolidated results of operations as if the TQI acquisition occurred as of January 1, 2012 (in thousands, except per share data). | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
30-Sep-13 | September 30, 2012 | ||||||||||||||||||||||||
Operating revenue | $ | 170,033 | $ | 158,499 | |||||||||||||||||||||
Income from operations | 22,857 | 21,333 | |||||||||||||||||||||||
Net income | 14,197 | 13,317 | |||||||||||||||||||||||
Net income per share | |||||||||||||||||||||||||
Basic | $ | 0.47 | $ | 0.46 | |||||||||||||||||||||
Diluted | $ | 0.46 | $ | 0.45 | |||||||||||||||||||||
Nine months ended | |||||||||||||||||||||||||
30-Sep-13 | September 30, 2012 | ||||||||||||||||||||||||
Operating revenue | $ | 479,940 | $ | 472,186 | |||||||||||||||||||||
Income from operations | 61,461 | 63,355 | |||||||||||||||||||||||
Net income | 39,073 | 39,079 | |||||||||||||||||||||||
Net income per share | |||||||||||||||||||||||||
Basic | $ | 1.3 | $ | 1.35 | |||||||||||||||||||||
Diluted | $ | 1.27 | $ | 1.33 | |||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | The following is a summary of the changes in goodwill for the nine months ended September 30, 2013. All goodwill, except the goodwill assigned to TQI, is deductible for tax purposes. | ||||||||||||||||||||||||
Forward Air | FASI | TQI | Total | ||||||||||||||||||||||
Accumulated | Accumulated | Accumulated | |||||||||||||||||||||||
Goodwill | Impairment | Goodwill | Impairment | Goodwill | Impairment | Net | |||||||||||||||||||
Beginning balance, December 31, 2012 | $ | 37,926 | $ | — | $ | 12,359 | $ | (6,953 | ) | $ | — | $ | — | $ | 43,332 | ||||||||||
TQI acquisition | — | — | — | — | 45,072 | — | 45,072 | ||||||||||||||||||
Ending balance, September 30, 2013 | $ | 37,926 | $ | — | $ | 12,359 | $ | (6,953 | ) | $ | 45,072 | $ | — | $ | 88,404 | ||||||||||
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Employee Stock Option [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | The weighted-average fair value of options granted and assumptions used to calculate their fair value during the three and nine months ended September 30, 2013 and 2012 were as follows: | ||||||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Expected dividend yield | 1.2 | % | - | ||||||||||
Expected stock price volatility | 43.4 | % | - | ||||||||||
Weighted average risk-free interest rate | 1.5 | % | - | ||||||||||
Expected life of options (years) | 4.5 | - | |||||||||||
Weighted average grant date fair value | $ | 13 | - | ||||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Expected dividend yield | 1.2 | % | 0.9 | % | |||||||||
Expected stock price volatility | 43.7 | % | 46.6 | % | |||||||||
Weighted average risk-free interest rate | 0.9 | % | 0.8 | % | |||||||||
Expected life of options (years) | 5.3 | 4.2 | |||||||||||
Weighted average grant date fair value | $ | 13 | $ | 13 | |||||||||
The following tables summarize the Company’s employee stock option activity and related information: | |||||||||||||
Three months ended September 30, 2013 | |||||||||||||
Weighted- | |||||||||||||
Weighted- | Aggregate | Average | |||||||||||
Average | Intrinsic | Remaining | |||||||||||
Options | Exercise | Value | Contractual | ||||||||||
0 | Price | 0 | Term | ||||||||||
Outstanding at June 30, 2013 | 1,902 | $ | 27 | ||||||||||
Granted | 5 | 37 | |||||||||||
Exercised | (69 | ) | 24 | ||||||||||
Forfeited | — | — | |||||||||||
Outstanding at September 30, 2013 | 1,838 | $ | 27 | $ | 19,715 | 2.6 | |||||||
Exercisable at September 30, 2013 | 1,622 | $ | 26 | $ | 19,159 | 2.2 | |||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for options | $ | 329 | $ | 575 | |||||||||
Tax benefit for option compensation | 124 | 167 | |||||||||||
Unrecognized compensation cost for options, net of estimated forfeitures | 1,899 | 2,052 | |||||||||||
Nine months ended September 30, 2013 | |||||||||||||
Weighted- | |||||||||||||
Weighted- | Aggregate | Average | |||||||||||
Average | Intrinsic | Remaining | |||||||||||
Options | Exercise | Value | Contractual | ||||||||||
0 | Price | 0 | Term | ||||||||||
Outstanding at December 31, 2012 | 2,874 | $ | 26 | ||||||||||
Granted | 114 | 37 | |||||||||||
Exercised | (1,150 | ) | 26 | ||||||||||
Forfeited | — | $ | — | ||||||||||
Outstanding at September 30, 2013 | 1,838 | $ | 27 | $ | 19,715 | 2.6 | |||||||
Exercisable at September 30, 2013 | 1,622 | $ | 26 | $ | 19,159 | 2.2 | |||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for options | $ | 1,076 | $ | 1,994 | |||||||||
Tax benefit for option compensation | 381 | 546 | |||||||||||
Unrecognized compensation cost for options, net of estimated forfeitures | 1,899 | 2,052 | |||||||||||
Employee Non-vested Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following tables summarize the Company’s employee non-vested share activity and related information: | ||||||||||||
Three months ended September 30, 2013 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at June 30, 2013 | 189 | $ | 35 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (2 | ) | 35 | ||||||||||
Outstanding and non-vested at September 30, 2013 | 187 | $ | 35 | $ | 6,638 | ||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 781 | $ | 506 | |||||||||
Tax benefit for non-vested share compensation | 297 | 196 | |||||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | 4,508 | 4,035 | |||||||||||
Nine months ended September 30, 2013 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at December 31, 2012 | 168 | $ | 33 | ||||||||||
Granted | 98 | 37 | |||||||||||
Vested | (68 | ) | 37 | ||||||||||
Forfeited | (11 | ) | 36 | ||||||||||
Outstanding and non-vested at September 30, 2013 | 187 | $ | 35 | $ | 6,638 | ||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 2,289 | $ | 1,502 | |||||||||
Tax benefit for non-vested share compensation | 872 | 581 | |||||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | 4,508 | 4,035 | |||||||||||
Key Employee Performance Share Based Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | The fair value of the performance shares was estimated using a Monte Carlo simulation. The weighted average assumptions used in the Monte Carlo calculation were as follows: | ||||||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Expected stock price volatility | 34.5 | % | 40.8 | % | |||||||||
Weighted average risk-free interest rate | 0.4 | % | 0.4 | % | |||||||||
The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information: | |||||||||||||
Three months ended September 30, 2013 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Performance | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at June 30, 2013 | 88 | $ | 37 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Outstanding and non-vested at September 30, 2013 | 88 | $ | 37 | $ | 3,278 | ||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for performance shares | $ | 275 | $ | 185 | |||||||||
Tax benefit for performance share compensation | 105 | 72 | |||||||||||
Unrecognized compensation cost for performance shares, net of estimated forfeitures | 1,465 | 1,356 | |||||||||||
Nine months ended September 30, 2013 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Performance | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at December 31, 2012 | 62 | $ | 36 | ||||||||||
Granted | 26 | 40 | |||||||||||
Vested | — | — | |||||||||||
Outstanding and non-vested at September 30, 2013 | 88 | $ | 37 | $ | 3,278 | ||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for performance shares | $ | 780 | $ | 515 | |||||||||
Tax benefit for performance share compensation | 297 | 199 | |||||||||||
Unrecognized compensation cost for performance shares, net of estimated forfeitures | 1,465 | 1,356 | |||||||||||
Nonemployee Director Nonvested Shares Granted Member | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following tables summarize the Company’s non-employee non-vested share activity and related information: | ||||||||||||
Three months ended September 30, 2013 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at June 30, 2013 | 15 | $ | 38 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Outstanding and non-vested at September 30, 2013 | 15 | $ | 38 | $ | 560 | ||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 141 | $ | 161 | |||||||||
Tax benefit for non-vested share compensation | 54 | 62 | |||||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | 335 | 385 | |||||||||||
Nine months ended September 30, 2013 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at December 31, 2012 | 20 | $ | 32 | ||||||||||
Granted | 15 | 38 | |||||||||||
Vested | (20 | ) | 32 | ||||||||||
Outstanding and non-vested at September 30, 2013 | 15 | $ | 38 | $ | 560 | ||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 448 | $ | 526 | |||||||||
Tax benefit for non-vested share compensation | 171 | 204 | |||||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | 335 | 385 | |||||||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Net Income Per Share | The following table sets forth the computation of basic and diluted net income per share: | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | September 30, 2013 | September 30, 2012 | ||||||||||||||
2013 | 2012 | ||||||||||||||||
Numerator: | |||||||||||||||||
Numerator for basic and diluted income per share - net income | $ | 14,197 | $ | 12,267 | $ | 38,882 | $ | 36,707 | |||||||||
Denominator (in thousands): | |||||||||||||||||
Denominator for basic income per share - weighted-average shares | 30,374 | 29,088 | 30,017 | 28,895 | |||||||||||||
Effect of dilutive stock options (in thousands) | 447 | 493 | 512 | 517 | |||||||||||||
Effect of dilutive performance shares (in thousands) | 13 | — | 9 | — | |||||||||||||
Effect of dilutive non-vested shares and deferred stock units (in thousands) | 152 | 79 | 139 | 72 | |||||||||||||
Denominator for diluted income per share - adjusted weighted-average shares | 30,986 | 29,660 | 30,677 | 29,484 | |||||||||||||
Basic net income per share | $ | 0.47 | $ | 0.42 | $ | 1.3 | $ | 1.27 | |||||||||
Diluted net income per share | $ | 0.46 | $ | 0.41 | $ | 1.27 | $ | 1.24 | |||||||||
The number of instruments that could potentially dilute net income per basic share in the future, but that were not included in the computation of net income per diluted share because to do so would have been anti-dilutive for the periods presented, are as follows: | |||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Anti-dilutive stock options (in thousands) | 186 | 213 | |||||||||||||||
Anti-dilutive performance shares (in thousands) | — | 21 | |||||||||||||||
Anti-dilutive non-vested shares and deferred stock units (in thousands) | — | — | |||||||||||||||
Total anti-dilutive shares (in thousands) | 186 | 234 | |||||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||||||||
Financial Instruments | Using interest rate quotes and discounted cash flows, the Company estimated the fair value of its outstanding debt and capital lease obligations as follows: | ||||||||
September 30, 2013 | |||||||||
Carrying Value | Fair Value | ||||||||
Debt and capital leases | $ | 96 | $ | 131 | |||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Summary of segment information | The following tables summarize segment information about net income (loss) and assets used by the chief operating decision maker of the Company in making decisions regarding allocation of assets and resources as of and for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||
Forward Air | FASI | TQI | Eliminations | Consolidated | |||||||||||||||||
External revenues | $ | 127,953 | $ | 29,649 | $ | 12,431 | $ | — | $ | 170,033 | |||||||||||
Intersegment revenues | 838 | 179 | — | (1,017 | ) | — | |||||||||||||||
Depreciation and amortization | 4,238 | 1,254 | 728 | — | 6,220 | ||||||||||||||||
Share-based compensation expense | 1,471 | 28 | 26 | — | 1,525 | ||||||||||||||||
Interest expense | 144 | 1 | — | — | 145 | ||||||||||||||||
Interest income | 6 | — | — | — | 6 | ||||||||||||||||
Income tax expense | 7,604 | 551 | 387 | — | 8,542 | ||||||||||||||||
Net income | 12,768 | 882 | 547 | — | 14,197 | ||||||||||||||||
Total assets | 464,538 | 42,043 | 84,343 | (100,122 | ) | 490,802 | |||||||||||||||
Capital expenditures | 1,679 | 1,797 | 1,796 | — | 5,272 | ||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||
Forward Air | FASI | TQI | Eliminations | Consolidated | |||||||||||||||||
External revenues | $ | 124,320 | $ | 19,194 | $ | — | $ | — | $ | 143,514 | |||||||||||
Intersegment revenues | 186 | 274 | — | (460 | ) | — | |||||||||||||||
Depreciation and amortization | 4,242 | 1,183 | — | — | 5,425 | ||||||||||||||||
Share-based compensation expense | 1,412 | 16 | — | — | 1,428 | ||||||||||||||||
Interest expense | 106 | 5 | — | — | 111 | ||||||||||||||||
Interest income | 5 | — | — | — | 5 | ||||||||||||||||
Income tax expense | 7,133 | 94 | — | — | 7,227 | ||||||||||||||||
Net income | 12,106 | 161 | — | — | 12,267 | ||||||||||||||||
Total assets | 386,462 | 36,279 | — | (36,123 | ) | 386,618 | |||||||||||||||
Capital expenditures | 1,343 | 838 | — | — | 2,181 | ||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||
Forward Air | FASI | TQI | Eliminations | Consolidated | |||||||||||||||||
External revenues | $ | 367,011 | $ | 75,841 | $ | 28,544 | $ | — | $ | 471,396 | |||||||||||
Intersegment revenues | 1,969 | 540 | — | (2,509 | ) | — | |||||||||||||||
Depreciation and amortization | 12,110 | 3,621 | 1,646 | — | 17,377 | ||||||||||||||||
Share-based compensation expense | 4,453 | 113 | 53 | — | 4,619 | ||||||||||||||||
Interest expense | 395 | 6 | — | — | 401 | ||||||||||||||||
Interest income | 29 | — | 1 | — | 30 | ||||||||||||||||
Income tax expense | 20,989 | 196 | 756 | — | 21,941 | ||||||||||||||||
Net income | 37,481 | 221 | 1,180 | — | 38,882 | ||||||||||||||||
Total assets | 464,538 | 42,043 | 84,343 | (100,122 | ) | 490,802 | |||||||||||||||
Capital expenditures | 23,993 | 6,302 | 2,971 | — | 33,266 | ||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||
Forward Air | FASI | TQI | Eliminations | Consolidated | |||||||||||||||||
External revenues | $ | 372,819 | $ | 56,102 | $ | — | $ | — | $ | 428,921 | |||||||||||
Intersegment revenues | 939 | 572 | — | (1,511 | ) | — | |||||||||||||||
Depreciation and amortization | 12,455 | 3,485 | — | — | 15,940 | ||||||||||||||||
Share-based compensation expense | 4,399 | 151 | — | — | 4,550 | ||||||||||||||||
Interest expense | 223 | 18 | — | — | 241 | ||||||||||||||||
Interest income | 29 | — | — | — | 29 | ||||||||||||||||
Income tax expense (benefit) | 22,689 | (145 | ) | — | — | 22,544 | |||||||||||||||
Net income (loss) | 36,993 | (286 | ) | — | — | 36,707 | |||||||||||||||
Total assets | 386,462 | 36,279 | — | (36,123 | ) | 386,618 | |||||||||||||||
Capital expenditures | 15,310 | 5,189 | — | — | 20,499 | ||||||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Number of principal reporting segments | 3 |
Forward Air number of categories of service | 3 |
Goodwill_and_LongLived_Assets_1
Goodwill and Long-Lived Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 04, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | $45,328 | |||||
Noncash or Part Noncash Acquisition, Debt Assumed | 20,113 | |||||
Business Acquisition, Contingent Consideration, Potential Cash Payment | 5,000 | |||||
Escrow Deposit | 4,500 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 5,000 | |||||
Business Acquisition, Contingent Consideration, at Fair Value | 614 | |||||
Fair Value Inputs, Discount Rate | 10.90% | |||||
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables | 5,639 | |||||
Business Acquisition, Purchase Price Allocation, Current Assets, Prepaid Expense and Other Assets | 1,201 | |||||
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 5,103 | |||||
Business Acquisition, Purchase Price Allocation, Other Noncurrent Assets | 728 | |||||
Business Acquisition, Purchase Price Allocation, Deferred Tax Assets, Current | 937 | |||||
Business Acquisition, Purchase Price Allocation, Net Tangible Assets | 13,608 | |||||
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 45,072 | |||||
Business Acquisition, Purchase Price Allocation, Net Intangible Assets | 68,842 | |||||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 82,450 | |||||
Business Acquisition, Purchase Price Allocation, Current Liabilities | 4,833 | |||||
Business Acquisition, Purchase Price Allocation, Other Liabilities | 1,735 | |||||
Business Acquisition, Purchase Price Allocation, Notes Payable and Long-term Debt | 20,113 | |||||
Business Acquisition, Purchase Price Allocation, Deferred Tax Liabilities, Noncurrent | 10,441 | |||||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | 37,122 | |||||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 45,328 | |||||
Unrecognized Tax Benefits, Increases Resulting from Acquisition | 1,120 | |||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 853 | |||||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 174 | |||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 93 | |||||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 728 | |||||
TQI Logistics Revenue Since Acquisition Date | 12,431 | 28,545 | ||||
TQI Operating Income Since Acquisition Date | 934 | 1,936 | ||||
TQI Net Income Since Acquisition Date | 547 | 1,180 | ||||
Business Combination Information, Earnings Per Share of Acquiree since Acquisition Date, Basic | $0.02 | $0.04 | ||||
Business Combination Information, Earnings Per Share of Acquiree since Acquisition Date, Diluted | $0.02 | $0.04 | ||||
Business Acquisition, Pro Forma Revenue | 170,033 | 158,499 | 479,940 | 472,186 | ||
Business Acquisition, Pro Forma Income from Operations | 22,857 | 21,333 | 61,461 | 63,355 | ||
Business Acquisition, Pro Forma Net Income (Loss) | 14,197 | 13,317 | 39,073 | 39,079 | ||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.47 | $0.46 | $1.30 | $1.35 | ||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.46 | $0.45 | $1.27 | $1.33 | ||
Business Combination, Acquisition Related Costs | 943 | |||||
Carrying value of goodwill | 88,404 | 88,404 | 43,332 | |||
Noncompete Agreements [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 470 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||
Trade Names [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 1,000 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||
Customer Relationships [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | 22,300 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |||||
Forward Air [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Carrying value of goodwill | 37,926 | 37,926 | 37,926 | |||
FASI [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill, Impaired, Accumulated Impairment Loss | -6,953 | -6,953 | -6,953 | |||
Carrying value of goodwill | 12,359 | 12,359 | 12,359 | |||
TQI [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Business Acquisition, Purchase Price Allocation, Goodwill Amount | 45,072 | |||||
Carrying value of goodwill | $45,072 | $45,072 |
ShareBased_Payments_Stock_Opti
Share-Based Payments - Stock Option Activity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $1,525 | $1,428 | $4,619 | $4,550 |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 329 | 575 | 1,076 | 1,994 |
Tax benefit related to share-based expense | 124 | 167 | 381 | 546 |
Unrecognized share-based compensation, net of estimated forfeitures | 1,899 | 2,052 | 1,899 | 2,052 |
Employee activity - stock options [Abstract] | ||||
Stock option grants expire (in years) | 7 years | |||
Grants, vesting period (in years) | 3 years | |||
Expected dividend yield (in hundredths) | 1.20% | 1.20% | 0.90% | |
Expected stock price volatility | 43.40% | 43.70% | 46.60% | |
Weighted Average Risk Free Interest Rate | 1.50% | 0.90% | 0.80% | |
Expected life of options (in years) | 4 years 6 months 11 days | 5 years 3 months 11 days | 4 years 2 months 11 days | |
Weighted-average fair value of options (dollars per share) | $13 | $13 | $13 | |
Outstanding, beginning of period (in shares) | 1,902,000 | 2,874,000 | ||
Granted (in shares) | 5,000 | 114,000 | ||
Exercised (in shares) | -69,000 | -1,150,000 | ||
Forfeited (in shares) | 0 | 0 | ||
Outstanding, end of period (in shares) | 1,838,000 | 1,838,000 | ||
Exercisable, end of period (in shares) | 1,622,000 | 1,622,000 | ||
Outstanding, beginning of period (in dollars per share) | $27 | $26 | ||
Grants in Period (in dollars per share) | $37 | $37 | ||
Exercises in Period (in dollars per share) | $24 | $26 | ||
Forfeited in period (in dollars per share) | $0 | $0 | ||
Outstanding, end of period (in dollars per share) | $27 | $27 | ||
Exercisable, end of period (in dollars per share) | $26 | $26 | ||
Aggregate Intrinsic Value Outstanding, end of period | 19,715 | 19,715 | ||
Aggregate Intrinsic Value Exercisable, end of period | $19,159 | $19,159 | ||
Weighted-average remaining contractual term Outstanding, end of period (in years) | 2 years 7 months 11 days | 2 years 7 months 11 days | ||
Weighted-average remaining contractual term Exercisable, end of period (in years) | 2 years 2 months 11 days | 2 years 2 months 11 days | ||
Non-employee Director Stock Options [Member] | ||||
Employee activity - stock options [Abstract] | ||||
Outstanding, end of period (in shares) | 26,250 | 26,250 | ||
Exercisable, end of period (in dollars per share) | $23 | $23 | ||
Weighted-average remaining contractual term Outstanding, end of period (in years) | 1 year 2 months 11 days | |||
Non-employee Director Activity - Options [Abstract] | ||||
Terms of options granted to non-employee directors (in years) | 10 years |
ShareBased_Payments_Employee_A
Share-Based Payments - Employee Activity Non-vested Shares (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $1,525 | $1,428 | $4,619 | $4,550 |
Employee Non-vested Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants, vesting period (in years) | 3 years | |||
Outstanding and non-vested, beginning of period (in shares) | 189 | 168 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0 | 98 | ||
Shares Vested in Period | 0 | -68 | ||
Shares Forfeited in Period | -2 | -11 | ||
Outstanding and non-vested, end of period (in shares) | 187 | 187 | ||
Outstanding and non-vested, weighted-average grant date fair value, beginning of period | $35 | $33 | ||
Grants in Period, Weighted Average Grant Date Fair Value | $0 | $37 | ||
Vested in Period, Weighed-average grant date fair value | $0 | $37 | ||
Forfeited in period (in dollars per share) | $35 | $36 | ||
Outstanding and non-vested, weighted-average grant date fair value, end of period | $35 | $35 | ||
Outstanding and non-vested, aggregate grant date fair value | 6,638 | 6,638 | ||
Share-based compensation expense | 781 | 506 | 2,289 | 1,502 |
Tax benefit related to share-based expense | 297 | 196 | 872 | 581 |
Unrecognized share-based compensation, net of estimated forfeitures | $4,508 | $4,035 | $4,508 | $4,035 |
ShareBased_Payments_Employee_A1
Share-Based Payments - Employee Activity Performance Shares (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $1,525 | $1,428 | $4,619 | $4,550 |
Key Employee Performance Share Based Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of Share Price Performance Comparison to Peer Group | 3 years | |||
Minimum percentage of peer group by which Company share price must outperform before incremental performance shares are issued | 30.00% | |||
Percentage of Peer Group By Which Company Share Price Must Outperform Before Maximum Incremental Shares Are Issued | 90.00% | |||
Expected Stock Price Volatility Rate | 34.50% | 40.80% | ||
Weighted Average Risk Free Interest Rate | 0.40% | 0.40% | ||
Outstanding and non-vested, beginning of period (in shares) | 88 | 62 | ||
Grants in Period | 0 | 26 | ||
Shares Vested in Period | 0 | 0 | ||
Outstanding and non-vested, end of period (in shares) | 88 | 88 | ||
Outstanding and non-vested, weighted-average grant date fair value, beginning of period | $37 | $36 | ||
Grants in Period, Weighted Average Grant Date Fair Value | $0 | $40 | ||
Vested in Period, Weighed-average grant date fair value | $0 | $0 | ||
Outstanding and non-vested, weighted-average grant date fair value, end of period | $37 | $37 | ||
Outstanding and non-vested, aggregate grant date fair value | 3,278 | 3,278 | ||
Share-based compensation expense | 275 | 185 | 780 | 515 |
Tax benefit related to share-based expense | 105 | 72 | 297 | 199 |
Unrecognized share-based compensation, net of estimated forfeitures | $1,465 | $1,356 | $1,465 | $1,356 |
ShareBased_Payments_ShareBased
Share-Based Payments Share-Based Payments - Employee Stock Purchase Plan (Details) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Share-based compensation | $4,619 | $4,550 |
Employee Stock Purchase Plan [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 416,881 | |
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 90.00% | |
Number of Large Lump Sum Contributions Related to ESPP Stock Purchases | 2 | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 4,241 | 4,121 |
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased (in dollars per share) | $32.34 | $29.04 |
Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $5.94 | $3.23 |
Share-based compensation | $26 | $13 |
ShareBased_Payments_Nonemploye
Share-Based Payments - Non-employee Director Non-vested Shares (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-Employee Director Shares, Vesting Period (in years) | 1 year | |||
Share-based compensation expense | $1,525 | $1,428 | $4,619 | $4,550 |
Nonemployee Director Nonvested Shares Granted Member | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding and non-vested, beginning of period (in shares) | 15 | 20 | ||
Grants in Period | 0 | 15 | ||
Shares Vested in Period | 0 | -20 | ||
Outstanding and non-vested, end of period (in shares) | 15 | 15 | ||
Outstanding and non-vested, weighted-average grant date fair value, beginning of period | $38 | $32 | ||
Grants in Period, Weighted Average Grant Date Fair Value | $0 | $38 | ||
Vested in Period, Weighed-average grant date fair value | $0 | $32 | ||
Outstanding and non-vested, weighted-average grant date fair value, end of period | $38 | $38 | ||
Outstanding and non-vested, aggregate grant date fair value | 560 | 560 | ||
Share-based compensation expense | 141 | 161 | 448 | 526 |
Tax benefit related to share-based expense | 54 | 62 | 171 | 204 |
Unrecognized share-based compensation, net of estimated forfeitures | $335 | $385 | $335 | $385 |
Senior_Credit_Facility_Details
Senior Credit Facility (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Feb. 01, 2012 |
Years | ||
Senior Credit Facility [Abstract] | ||
Senior credit facility amount | $150,000 | |
Line of Credit Facility Term, In Years | 5 | |
Base reference rate of credit facilities | LIBOR | |
Interest rate spread above LIBOR as of reporting period (in hundredths) | 1.10% | |
Debt Instrument, Interest Rate, Effective Percentage | 1.30% | |
Letters of Credit Outstanding, Amount | 9,374 | |
Available borrowing capacity | $140,626 |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator [Abstract] | ||||
Numerator for basic and diluted income per share - net income | $14,197 | $12,267 | $38,882 | $36,707 |
Denominator [Abstract] | ||||
Denominator for basic income per share - weighted-average shares | 30,374 | 29,088 | 30,017 | 28,895 |
Denominator for diluted income per share - adjusted weighted-average shares | 30,986 | 29,660 | 30,677 | 29,484 |
Basic income per share (dollars per share) | $0.47 | $0.42 | $1.30 | $1.27 |
Diluted income per share (dollars per share) | $0.46 | $0.41 | $1.27 | $1.24 |
Total number anti-dilutive options, non-vested shares, and performance shares excluded from income per diluted share computation | 186 | 234 | ||
Stock Option [Member] | ||||
Denominator [Abstract] | ||||
Effect of dilutive stock options and non-vested shares | 447 | 493 | 512 | 517 |
Total number anti-dilutive options, non-vested shares, and performance shares excluded from income per diluted share computation | 186 | 213 | ||
Key Employee Performance Share Based Plan [Member] | ||||
Denominator [Abstract] | ||||
Effect of dilutive stock options and non-vested shares | 13 | 0 | 9 | 0 |
Total number anti-dilutive options, non-vested shares, and performance shares excluded from income per diluted share computation | 21 | |||
Nonvested Shares [Member] | ||||
Denominator [Abstract] | ||||
Effect of dilutive stock options and non-vested shares | 152 | 79 | 139 | 72 |
Total number anti-dilutive options, non-vested shares, and performance shares excluded from income per diluted share computation | 0 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Effective Income Tax Rate, Continuing Operations | 36.10% | 38.00% | ||
Effective statutory federal income tax rate (in hundredths) | 35.00% | 35.00% | 35.00% | 35.00% |
Financial_Instruments_Financia
Financial Instruments Financial Instruments - Fair Value (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Base reference rate of credit facilities | LIBOR |
Interest rate spread above LIBOR as of reporting period (in hundredths) | 1.10% |
Carrying Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Other debt and capital leases | 96 |
Fair Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Other debt and capital leases | 131 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||
Shareholders' Equity [Line Items] | |||||||||||
Dividends per share (in dollars per share) | $0.10 | $0.10 | $0.30 | $0.24 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.07 | $0.07 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||
External revenues | $170,033 | $143,514 | $471,396 | $428,921 | |
Depreciation and amortization | 6,220 | 5,425 | 17,377 | 15,940 | |
Allocated Share Based Compensation Expense | 1,525 | 1,428 | 4,619 | 4,550 | |
Interest expense | 145 | 111 | 401 | 241 | |
Interest income | 6 | 5 | 30 | 29 | |
Income tax expense (benefit) | 8,542 | 7,227 | 21,941 | 22,544 | |
Net income (loss) | 14,197 | 12,267 | 38,882 | 36,707 | |
Total assets | 490,802 | 386,618 | 490,802 | 386,618 | 399,187 |
Capital expenditures | 5,272 | 2,181 | 33,266 | 20,499 | |
Number of reportable segments | 3 | ||||
Forward Air [Member] | |||||
Segment Reporting Information [Line Items] | |||||
External revenues | 127,953 | 124,320 | 367,011 | 372,819 | |
Intersegment revenues | 838 | 186 | 1,969 | 939 | |
Depreciation and amortization | 4,238 | 4,242 | 12,110 | 12,455 | |
Allocated Share Based Compensation Expense | 1,471 | 1,412 | 4,453 | 4,399 | |
Interest expense | 144 | 106 | 395 | 223 | |
Interest income | 6 | 5 | 29 | 29 | |
Income tax expense (benefit) | 7,604 | 7,133 | 20,989 | 22,689 | |
Net income (loss) | 12,768 | 12,106 | 37,481 | 36,993 | |
Total assets | 464,538 | 386,462 | 464,538 | 386,462 | |
Capital expenditures | 1,679 | 1,343 | 23,993 | 15,310 | |
FASI [Member] | |||||
Segment Reporting Information [Line Items] | |||||
External revenues | 29,649 | 19,194 | 75,841 | 56,102 | |
Intersegment revenues | 179 | 274 | 540 | 572 | |
Depreciation and amortization | 1,254 | 1,183 | 3,621 | 3,485 | |
Allocated Share Based Compensation Expense | 28 | 16 | 113 | 151 | |
Interest expense | 1 | 5 | 6 | 18 | |
Income tax expense (benefit) | 551 | 94 | 196 | -145 | |
Net income (loss) | 882 | 161 | 221 | -286 | |
Total assets | 42,043 | 36,279 | 42,043 | 36,279 | |
Capital expenditures | 1,797 | 838 | 6,302 | 5,189 | |
TQI [Member] | |||||
Segment Reporting Information [Line Items] | |||||
External revenues | 12,431 | 28,544 | |||
Depreciation and amortization | 728 | 1,646 | |||
Allocated Share Based Compensation Expense | 26 | 53 | |||
Interest income | 1 | ||||
Income tax expense (benefit) | 387 | 756 | |||
Net income (loss) | 547 | 1,180 | |||
Total assets | 84,343 | 84,343 | |||
Capital expenditures | 1,796 | 2,971 | |||
Elimination [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Intersegment revenues | -1,017 | -460 | -2,509 | -1,511 | |
Total assets | ($100,122) | ($36,123) | ($100,122) | ($36,123) |