Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 20, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'FORWARD AIR CORP | ' |
Entity Central Index Key | '0000912728 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 30,450,053 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $24,573 | $127,367 |
Accounts receivable, less allowance of $2,294 in 2014 and $1,919 in 2013 | 100,016 | 76,500 |
Other current assets | 14,057 | 16,493 |
Total current assets | 138,646 | 220,360 |
Property and equipment | 303,755 | 271,050 |
Less accumulated depreciation and amortization | 127,259 | 116,287 |
Total property and equipment, net | 176,496 | 154,763 |
Goodwill and other acquired intangibles: | ' | ' |
Goodwill | 140,678 | 88,496 |
Other acquired intangibles, net of accumulated amortization of $38,100 in 2014 and $31,790 in 2013 | 71,778 | 40,110 |
Total net goodwill and other acquired intangibles | 212,456 | 128,606 |
Other assets | 2,347 | 2,540 |
Total assets | 529,945 | 506,269 |
Current liabilities: | ' | ' |
Accounts payable | 21,395 | 16,267 |
Accrued expenses | 23,356 | 18,275 |
Current portion of debt and capital lease obligations | 280 | 69 |
Total current liabilities | 45,031 | 34,611 |
Long-term debt and capital lease obligations, less current portion | 1,346 | 3 |
Other long-term liabilities | 8,148 | 8,940 |
Deferred income taxes | 28,838 | 26,850 |
Shareholders' equity: | ' | ' |
Preferred stock | 0 | 0 |
Common stock, $0.01 par value: Authorized shares - 50,000,000, Issued and outstanding shares - 30,245,216 in 2014 and 30,522,079 in 2013 | 302 | 305 |
Additional paid-in capital | 126,516 | 107,726 |
Retained earnings | 319,764 | 327,834 |
Total shareholders' equity | 446,582 | 435,865 |
Total liabilities and shareholders' equity | $529,945 | $506,269 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) Parenthetical (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Accounts receivable, allowance | $2,294 | $1,919 |
Other acquired intangibles, accumulated amortization | $38,100 | $31,790 |
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) | 30,245,216 | 30,522,079 |
Common stock, outstanding shares (in shares) | 30,245,216 | 30,522,079 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Operating revenue | $201,477 | $170,033 | $566,897 | $471,396 |
Operating expenses: | ' | ' | ' | ' |
Purchased transportation | 85,874 | 75,211 | 242,259 | 206,462 |
Salaries, wages and employee benefits | 45,651 | 39,165 | 131,464 | 109,149 |
Operating leases | 8,503 | 6,991 | 25,019 | 20,923 |
Depreciation and amortization | 8,115 | 6,220 | 22,879 | 17,377 |
Insurance and claims | 3,747 | 3,290 | 10,978 | 9,164 |
Fuel expense | 5,012 | 3,871 | 14,990 | 10,535 |
Other operating expenses | 17,669 | 12,428 | 48,537 | 36,634 |
Total operating expenses | 174,571 | 147,176 | 496,126 | 410,244 |
Income from operations | 26,906 | 22,857 | 70,771 | 61,152 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -172 | -145 | -355 | -401 |
Other, net | -55 | 27 | 144 | 72 |
Total other income (expense) | -227 | -118 | -211 | -329 |
Income before income taxes | 26,679 | 22,739 | 70,560 | 60,823 |
Income taxes | 9,935 | 8,542 | 26,437 | 21,941 |
Net income and comprehensive income | $16,744 | $14,197 | $44,123 | $38,882 |
Net income per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.55 | $0.47 | $1.44 | $1.30 |
Diluted (in dollars per share) | $0.54 | $0.46 | $1.41 | $1.27 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 30,415 | 30,374 | 30,710 | 30,017 |
Diluted (in shares) | 30,932 | 30,986 | 31,234 | 30,677 |
Dividends per share (in dollars per share) | $0.12 | $0.10 | $0.36 | $0.30 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities: | ' | ' |
Net income | $44,123 | $38,882 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 22,879 | 17,377 |
Share-based compensation | 5,005 | 4,619 |
Gain on disposal of property and equipment | -441 | -468 |
Provision for (recovery) loss on receivables | -39 | 234 |
Provision for revenue adjustments | 1,896 | 1,705 |
Deferred income tax | 1,729 | 4,658 |
Excess tax benefit for stock options exercised | -554 | -3,207 |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable | -15,875 | -4,262 |
Prepaid expenses and other current assets | -1,397 | -1,575 |
Accounts payable and accrued expenses | 7,767 | 2,524 |
Net cash provided by operating activities | 65,093 | 60,487 |
Investing activities: | ' | ' |
Proceeds from disposal of property and equipment | 1,582 | 1,665 |
Purchases of property and equipment | -37,101 | -33,266 |
Acquisition of businesses, net of cash acquired | -84,348 | -45,328 |
Other | 53 | -111 |
Net cash used in investing activities | -119,814 | -77,040 |
Financing activities: | ' | ' |
Payments of debt and capital lease obligations | -9,662 | -20,351 |
Proceeds from exercise of stock options | 13,083 | 29,866 |
Payments of cash dividends | -11,141 | -9,071 |
Repurchase of common stock (repurchase program) | -39,972 | 0 |
Common stock issued under employee stock purchase plan | 148 | 137 |
Cash settlement of share-based awards for minimum tax withholdings | -1,083 | -866 |
Excess tax benefit for stock options exercised | 554 | 3,207 |
Net cash (used in) provided by financing activities | -48,073 | 2,922 |
Net decrease in cash | -102,794 | -13,631 |
Cash at beginning of period | 127,367 | 112,182 |
Cash at end of period | $24,573 | $98,551 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
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 full truckload ("TLX"), intermodal drayage 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 high 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, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. 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, 2013. | |
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. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements [Text Block] | ' |
Recent Accounting Pronouncements | |
In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016 (early adoption is not permitted). The guidance permits the use of either a retrospective or cumulative effect transition method. The Company has not yet selected a transition method and is currently evaluating the impact of the amended guidance on our consolidated financial position, results of operations and related disclosures. |
Acquisitions_and_Goodwill
Acquisitions and Goodwill | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Acquisitions and Goodwill | ' | ||||||||||||||||||||||||
Acquisitions and Goodwill | |||||||||||||||||||||||||
Acquisition of CST | |||||||||||||||||||||||||
On February 2, 2014, the Company acquired all of the outstanding capital stock of Central States Trucking Co. and Central States Logistics, Inc. (collectively referred to as “CST”). 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 CST in exchange for $82,998 in net cash and $11,215 in assumed debt. With the exception of capital leases, 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, $10,000 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 February 2, 2015. | |||||||||||||||||||||||||
CST provides industry leading container and intermodal drayage services primarily within the Midwest region of the United States. CST also provides dedicated contract and Container Freight Station (“CFS”) warehouse and handling services. The acquisition of CST provides the Company with a scalable platform for which to enter the intermodal drayage space and thereby continuing to expand and diversify the Company's service offerings. | |||||||||||||||||||||||||
As part of the Company's strategy to scale CST's operations, on September 5, 2014, CST acquired certain assets of Recob Great Lakes Express, Inc. ("RGL") for $1,350. The acquisition of RGL's assets provided an opportunity for CST to expand into an additional midwest market. | |||||||||||||||||||||||||
The Company incurred total transaction costs related to the acquisitions of approximately $900, which were expensed during the nine months ended September 30, 2014, in accordance with U.S. GAAP. These transaction costs were primarily included in "Other operating expenses" in the consolidated statements of comprehensive income. | |||||||||||||||||||||||||
The assets, liabilities, and operating results of CST and RGL have been included in the Company's consolidated financial statements from the dates of acquisition and have been assigned to the Forward Air reportable segment. The results of CST and RGL operations are reflected in the Company's consolidated statements of comprehensive income for the three and nine months ended September 30, 2014 from the dates of acquisition are as follows (in thousands, except per share data): | |||||||||||||||||||||||||
Three months ended September 30, 2014 | Dates of acquisition to September 30, 2014 | ||||||||||||||||||||||||
Operating revenue | $ | 21,100 | $ | 49,975 | |||||||||||||||||||||
Income from operations | 2,517 | 4,804 | |||||||||||||||||||||||
Net income | 1,553 | 2,934 | |||||||||||||||||||||||
Net income per share | |||||||||||||||||||||||||
Basic | $ | 0.05 | $ | 0.1 | |||||||||||||||||||||
Diluted | $ | 0.05 | $ | 0.09 | |||||||||||||||||||||
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 all 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 up to $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 was remitted to the sellers in September 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. At the time of acquisition the Company recognized an estimated earn-out liability of $615. 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 a discount rate of 10.9%. However, based on the most probable outcomes the estimated earn-out liability was reduced to $0 and recognized as a gain in our results from operations during the fourth quarter of 2013. If TQI's 2014 EBITDA performance does exceed the goals established by the Agreement, the final value of the liability could be significantly 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" in the consolidated statements of comprehensive income. | |||||||||||||||||||||||||
The acquisition of TQI allows the Company to expand and diversify its complimentary truckload operations while maintaining its goal of offering high-value added services. | |||||||||||||||||||||||||
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 the TQI reportable segment. The results of TQI reflected in the Company's consolidated statements of comprehensive income for the three and nine months ended September 30, 2013 from the date of acquisition (March 4, 2013) are as follows (in thousands, except per share data): | |||||||||||||||||||||||||
Three months ended September 30, 2013 | March 4, 2013 to September 30, 2013 | ||||||||||||||||||||||||
Operating revenue | $ | 12,431 | $ | 28,545 | |||||||||||||||||||||
Income from operations | 934 | 1,936 | |||||||||||||||||||||||
Net income | 547 | 1,180 | |||||||||||||||||||||||
Net income per share | |||||||||||||||||||||||||
Basic | $ | 0.02 | $ | 0.04 | |||||||||||||||||||||
Diluted | $ | 0.02 | $ | 0.04 | |||||||||||||||||||||
Allocations of Purchase Prices | |||||||||||||||||||||||||
The following table presents the allocations of the CST and TQI purchase prices to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands): | |||||||||||||||||||||||||
CST | RGL | TQI | |||||||||||||||||||||||
2-Feb-14 | 5-Sep-14 | 4-Mar-13 | |||||||||||||||||||||||
Tangible assets: | |||||||||||||||||||||||||
Accounts receivable | $ | 9,498 | $ | — | $ | 5,639 | |||||||||||||||||||
Prepaid expenses and other current assets | 101 | — | 1,093 | ||||||||||||||||||||||
Property and equipment | 2,132 | 209 | 5,103 | ||||||||||||||||||||||
Other assets | 35 | — | 728 | ||||||||||||||||||||||
Deferred income taxes | — | — | 947 | ||||||||||||||||||||||
Total tangible assets | 11,766 | 209 | 13,510 | ||||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||||||
Non-compete agreements | 930 | 14 | 470 | ||||||||||||||||||||||
Trade name | 500 | — | 1,000 | ||||||||||||||||||||||
Customer relationships | 36,000 | 535 | 22,300 | ||||||||||||||||||||||
Goodwill | 51,590 | 592 | 45,164 | ||||||||||||||||||||||
Total intangible assets | 89,020 | 1,141 | 68,934 | ||||||||||||||||||||||
Total assets acquired | 100,786 | 1,350 | 82,444 | ||||||||||||||||||||||
Liabilities assumed: | |||||||||||||||||||||||||
Current liabilities | 6,573 | — | 4,725 | ||||||||||||||||||||||
Other liabilities | — | — | 1,735 | ||||||||||||||||||||||
Debt and capital lease obligations | 11,215 | — | 20,113 | ||||||||||||||||||||||
Deferred income taxes | — | — | 10,543 | ||||||||||||||||||||||
Total liabilities assumed | 17,788 | — | 37,116 | ||||||||||||||||||||||
Net assets acquired | $ | 82,998 | $1,350 | $ | 45,328 | ||||||||||||||||||||
The above purchase price allocations for CST and RGL are preliminary as the Company is still in the process of finalizing the valuation of the acquired assets and liabilities assumed. The above estimated fair values of assets acquired and liabilities assumed for CST and RGL are based on the information that was available as of the acquisition dates through the date of this filing. The acquired definite-live intangible assets have the following useful lives: | |||||||||||||||||||||||||
Useful Lives | |||||||||||||||||||||||||
CST | RGL | TQI | |||||||||||||||||||||||
Customer relationships | 15 years | 15 years | 15 years | ||||||||||||||||||||||
Non-competes | 5 years | 5 years | 5 years | ||||||||||||||||||||||
Trade names | 2 years | - | 5 years | ||||||||||||||||||||||
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 acquired trade names were 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 applicable names and had to license the trade names. The Company derived the hypothetical royalty income from the projected revenues of CST and TQI. Cash flows were assumed to extend through the remaining economic useful life of each class of intangible asset. | |||||||||||||||||||||||||
Pro forma | |||||||||||||||||||||||||
The following unaudited pro forma information presents a summary of the Company's consolidated results of operations as if the acquisitions occurred as of January 1, 2013 (in thousands, except per share data). | |||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||
30-Sep-14 | September 30, 2013 | 30-Sep-14 | September 30, 2013 | ||||||||||||||||||||||
Operating revenue | $ | 201,477 | $ | 187,924 | $ | 571,986 | $ | 529,022 | |||||||||||||||||
Income from operations | 26,906 | 25,470 | 70,983 | 68,012 | |||||||||||||||||||||
Net income | 16,744 | 15,814 | 44,254 | 43,128 | |||||||||||||||||||||
Net income per share | |||||||||||||||||||||||||
Basic | $ | 0.55 | $ | 0.52 | $ | 1.44 | $ | 1.44 | |||||||||||||||||
Diluted | $ | 0.54 | $ | 0.51 | $ | 1.42 | $ | 1.41 | |||||||||||||||||
Goodwill | |||||||||||||||||||||||||
The following is a summary of the changes in goodwill for the nine months ended September 30, 2014. 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, 2013 | $ | 37,926 | $ | — | $ | 12,359 | $ | (6,953 | ) | $ | 45,164 | $ | — | $ | 88,496 | ||||||||||
CST and RGL acquisitions | 52,182 | — | — | — | — | — | 52,182 | ||||||||||||||||||
Ending balance, September 30, 2014 | $ | 90,108 | $ | — | $ | 12,359 | $ | (6,953 | ) | $ | 45,164 | $ | — | $ | 140,678 | ||||||||||
The Company conducted its annual impairment assessments and tests of goodwill for each reporting unit as of June 30, 2014 and no impairment charges were required. 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, 2014 | |||||||||||||
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, 2014 and 2013 were as follows: | |||||||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Expected dividend yield | — | % | 1.2 | % | |||||||||
Expected stock price volatility | — | % | 43.4 | % | |||||||||
Weighted average risk-free interest rate | — | % | 1.5 | % | |||||||||
Expected life of options (years) | 0 | 4.5 | |||||||||||
Weighted average grant date fair value | $ | — | $ | 13 | |||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Expected dividend yield | 1.2 | % | 1.2 | % | |||||||||
Expected stock price volatility | 38.8 | % | 43.7 | % | |||||||||
Weighted average risk-free interest rate | 1.6 | % | 0.9 | % | |||||||||
Expected life of options (years) | 5.3 | 5.3 | |||||||||||
Weighted average grant date fair value | $ | 14 | $ | 13 | |||||||||
The following tables summarize the Company’s employee stock option activity and related information: | |||||||||||||
Three months ended September 30, 2014 | |||||||||||||
Weighted- | |||||||||||||
Weighted- | Aggregate | Average | |||||||||||
Average | Intrinsic | Remaining | |||||||||||
Options | Exercise | Value | Contractual | ||||||||||
0 | Price | 0 | Term | ||||||||||
Outstanding at June 30, 2014 | 1,431 | $ | 28 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (51 | ) | 29 | ||||||||||
Forfeited | — | — | |||||||||||
Outstanding at September 30, 2014 | 1,380 | $ | 28 | $ | 25,745 | 2.4 | |||||||
Exercisable at September 30, 2014 | 1,174 | $ | 26 | $ | 24,377 | 1.8 | |||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for options | $ | 343 | $ | 329 | |||||||||
Tax benefit for option compensation | $ | 131 | $ | 124 | |||||||||
Unrecognized compensation cost for options, net of estimated forfeitures | $ | 1,971 | $ | 1,899 | |||||||||
Nine months ended September 30, 2014 | |||||||||||||
Weighted- | |||||||||||||
Weighted- | Aggregate | Average | |||||||||||
Average | Intrinsic | Remaining | |||||||||||
Options | Exercise | Value | Contractual | ||||||||||
0 | Price | 0 | Term | ||||||||||
Outstanding at December 31, 2013 | 1,732 | $ | 27 | ||||||||||
Granted | 101 | 43 | |||||||||||
Exercised | (445 | ) | 28 | ||||||||||
Forfeited | (8 | ) | 38 | ||||||||||
Outstanding at September 30, 2014 | 1,380 | $ | 28 | $ | 25,745 | 2.4 | |||||||
Exercisable at September 30, 2014 | 1,174 | $ | 26 | $ | 24,377 | 1.8 | |||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for options | $ | 989 | $ | 1,076 | |||||||||
Tax benefit for option compensation | $ | 377 | $ | 381 | |||||||||
Unrecognized compensation cost for options, net of estimated forfeitures | $ | 1,971 | $ | 1,899 | |||||||||
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, 2014 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at June 30, 2014 | 189 | $ | 40 | ||||||||||
Granted | 2 | 47 | |||||||||||
Vested | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Outstanding and non-vested at September 30, 2014 | 191 | $ | 40 | $ | 7,606 | ||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 906 | $ | 781 | |||||||||
Tax benefit for non-vested share compensation | $ | 345 | $ | 297 | |||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | $ | 5,241 | $ | 4,508 | |||||||||
Nine months ended September 30, 2014 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at December 31, 2013 | 186 | $ | 35 | ||||||||||
Granted | 99 | 43 | |||||||||||
Vested | (94 | ) | 43 | ||||||||||
Forfeited | — | — | |||||||||||
Outstanding and non-vested at September 30, 2014 | 191 | $ | 40 | $ | 7,606 | ||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 2,726 | $ | 2,289 | |||||||||
Tax benefit for non-vested share compensation | $ | 1,039 | $ | 872 | |||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | $ | 5,241 | $ | 4,508 | |||||||||
Employee Activity - Performance Shares | |||||||||||||
The Company annually grants 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, | ||||||||||||
2014 | 2013 | ||||||||||||
Expected stock price volatility | 32.5 | % | 34.5 | % | |||||||||
Weighted average risk-free interest rate | 0.7 | % | 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, 2014 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Performance | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at June 30, 2014 | 74 | $ | 44 | ||||||||||
Granted | — | — | |||||||||||
Additional shares awarded based on performance | — | — | |||||||||||
Vested | — | — | |||||||||||
Outstanding and non-vested at September 30, 2014 | 74 | $ | 44 | $ | 3,279 | ||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for performance shares | $ | 275 | $ | 275 | |||||||||
Tax benefit for performance share compensation | $ | 105 | $ | 105 | |||||||||
Unrecognized compensation cost for performance shares, net of estimated forfeitures | $ | 1,500 | $ | 1,465 | |||||||||
Nine months ended September 30, 2014 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Performance | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at December 31, 2013 | 88 | $ | 37 | ||||||||||
Granted | 23 | 48 | |||||||||||
Additional shares awarded based on performance | 19 | 30 | |||||||||||
Vested | (56 | ) | 30 | ||||||||||
Outstanding and non-vested at September 30, 2014 | 74 | $ | 44 | $ | 3,279 | ||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for performance shares | $ | 822 | $ | 780 | |||||||||
Tax benefit for performance share compensation | $ | 313 | $ | 297 | |||||||||
Unrecognized compensation cost for performance shares, net of estimated forfeitures | $ | 1,500 | $ | 1,465 | |||||||||
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 408,508 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, 2014, participants under the plan purchased 3,814 shares at an average price of $38.88 per share. 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. The weighted-average fair value of each purchase right under the ESPP granted for the nine months ended September 30, 2014, which is equal to the discount from the market value of the common stock at the end of each six month purchase period, was $8.97 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. Share-based compensation expense of $35 and $26 was recognized during the nine months ended September 30, 2014 and 2013, 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 approximately one year. The following tables summarize the Company’s non-employee non-vested share activity and related information: | |||||||||||||
Three months ended September 30, 2014 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at June 30, 2014 | 14 | $ | 43 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Outstanding and non-vested at September 30, 2014 | 14 | $ | 43 | $ | 602 | ||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 152 | $ | 141 | |||||||||
Tax benefit for non-vested share compensation | $ | 58 | $ | 54 | |||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | $ | 363 | $ | 335 | |||||||||
Nine months ended September 30, 2014 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at December 31, 2013 | 15 | $ | 38 | ||||||||||
Granted | 14 | 43 | |||||||||||
Vested | (15 | ) | 38 | ||||||||||
Outstanding and non-vested at September 30, 2014 | 14 | $ | 43 | $ | 602 | ||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 433 | $ | 448 | |||||||||
Tax benefit for non-vested share compensation | $ | 165 | $ | 171 | |||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | $ | 363 | $ | 335 | |||||||||
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, 2014, 7,500 options were outstanding and will expire May 2015. At September 30, 2014, the weighted average exercise price per share and remaining contractual term for the outstanding options of non-employee directors were $26 and 0.6 years, respectively. |
Senior_Credit_Facility
Senior Credit Facility | 9 Months Ended |
Sep. 30, 2014 | |
Senior Credit Facility [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Senior Credit Facility | |
In February 2012, the Company entered into a $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, 2014). 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, 2014, the Company had no borrowings outstanding under the senior credit facility. At September 30, 2014, the Company had utilized $9,749 of availability for outstanding letters of credit and had $140,251 of available borrowing capacity outstanding under the senior credit facility. |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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, 2014 | September 30, 2013 | ||||||||||||||
2014 | 2013 | ||||||||||||||||
Numerator: | |||||||||||||||||
Numerator for basic and diluted income per share - net income | $ | 16,744 | $ | 14,197 | $ | 44,123 | $ | 38,882 | |||||||||
Denominator (in thousands): | |||||||||||||||||
Denominator for basic income per share - weighted-average shares | 30,415 | 30,374 | 30,710 | 30,017 | |||||||||||||
Effect of dilutive stock options (in thousands) | 418 | 447 | 431 | 512 | |||||||||||||
Effect of dilutive performance shares (in thousands) | 37 | 13 | 41 | 9 | |||||||||||||
Effect of dilutive non-vested shares and deferred stock units (in thousands) | 62 | 152 | 52 | 139 | |||||||||||||
Denominator for diluted income per share - adjusted weighted-average shares | 30,932 | 30,986 | 31,234 | 30,677 | |||||||||||||
Basic net income per share | $ | 0.55 | $ | 0.47 | $ | 1.44 | $ | 1.3 | |||||||||
Diluted net income per share | $ | 0.54 | $ | 0.46 | $ | 1.41 | $ | 1.27 | |||||||||
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, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Anti-dilutive stock options (in thousands) | 108 | 186 | |||||||||||||||
Anti-dilutive performance shares (in thousands) | — | — | |||||||||||||||
Total anti-dilutive shares (in thousands) | 108 | 186 | |||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
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 2009. | |
For the three and nine months ended September 30, 2014 and 2013, 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, 2014 was 37.5% compared to a rate of 36.1% for the same period in 2013. The increase in the effective tax rate was primarily due to 2013 benefiting from a retroactive reinstatement of alternative fuel tax credits for 2012 and higher benefits obtained from disqualified dispositions by employees of previously non-deductible incentive stock options. |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ||||||||
Financial Instruments Disclosure [Text Block] | ' | ||||||||
Financial Instruments | |||||||||
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 capital lease obligations as follows: | |||||||||
September 30, 2014 | |||||||||
Carrying Value | Fair Value | ||||||||
Capital leases | $ | 1,626 | $ | 1,662 | |||||
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, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Shareholders' Equity | ' |
Shareholders' Equity | |
During each quarter of 2013, the Company's Board of Directors declared a cash dividend of $0.10 per share of common stock. During each quarter of 2014 , the Company's Board of Directors declared a cash dividend of $0.12 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. | |
On February 7, 2014, our Board of Directors approved a new stock repurchase authorization for up to two million shares of our common stock. During the three months ended September 30, 2014, the Company repurchased 434,993 for $19,987, or $45.95 per share. During the nine months ended September 30, 2014, the Company repurchased 881,979 for $39,972, or $45.32 per share. As of September 30, 2014, 1,118,021 shares remain that may be repurchased. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
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, 2014 | |||||||||||||||||||||
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 high security and temperature-controlled logistics services, primarily truckload services, to the pharmaceutical and life science industries. The assets, liabilities, and operating results of our most recent acquisition, CST, have been assigned to the Forward Air reportable segment. | |||||||||||||||||||||
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 2013 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. The Company’s business is conducted in the U.S. and Canada. | |||||||||||||||||||||
The following tables summarize segment information about net income 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, 2014 and 2013. | |||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||
Forward Air | FASI | TQI | Eliminations | Consolidated | |||||||||||||||||
External revenues | $ | 159,025 | $ | 30,462 | $ | 11,990 | $ | — | $ | 201,477 | |||||||||||
Intersegment revenues | 1,060 | 153 | 39 | (1,252 | ) | — | |||||||||||||||
Depreciation and amortization | 5,669 | 1,502 | 944 | — | 8,115 | ||||||||||||||||
Share-based compensation expense | 1,608 | 47 | 21 | — | 1,676 | ||||||||||||||||
Interest expense | 167 | — | 5 | — | 172 | ||||||||||||||||
Interest income | 1 | — | — | — | 1 | ||||||||||||||||
Income tax expense | 8,970 | 686 | 279 | — | 9,935 | ||||||||||||||||
Net income | 15,010 | 1,097 | 637 | — | 16,744 | ||||||||||||||||
Total assets | 595,447 | 43,771 | 88,462 | (197,735 | ) | 529,945 | |||||||||||||||
Capital expenditures | 2,064 | 1,610 | 7 | — | 3,681 | ||||||||||||||||
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 | ||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||
Forward Air | FASI | TQI | Eliminations | Consolidated | |||||||||||||||||
External revenues | $ | 445,874 | $ | 84,482 | $ | 36,541 | $ | — | $ | 566,897 | |||||||||||
Intersegment revenues | 2,664 | 390 | 230 | (3,284 | ) | — | |||||||||||||||
Depreciation and amortization | 15,976 | 4,229 | 2,674 | — | 22,879 | ||||||||||||||||
Share-based compensation expense | 4,829 | 128 | 48 | — | 5,005 | ||||||||||||||||
Interest expense | 377 | 2 | (24 | ) | — | 355 | |||||||||||||||
Interest income | 8 | — | — | — | 8 | ||||||||||||||||
Income tax expense | 24,367 | 1,034 | 1,036 | — | 26,437 | ||||||||||||||||
Net income | 40,196 | 1,693 | 2,234 | — | 44,123 | ||||||||||||||||
Total assets | 595,447 | 43,771 | 88,462 | (197,735 | ) | 529,945 | |||||||||||||||
Capital expenditures | 24,766 | 6,165 | 6,170 | — | 37,101 | ||||||||||||||||
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 | ||||||||||||||||
Acquisitions_and_Goodwill_Tabl
Acquisitions and Goodwill (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Goodwill [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | ||||||||||||||||||||||||
The following table presents the allocations of the CST and TQI purchase prices to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands): | |||||||||||||||||||||||||
CST | RGL | TQI | |||||||||||||||||||||||
2-Feb-14 | 5-Sep-14 | 4-Mar-13 | |||||||||||||||||||||||
Tangible assets: | |||||||||||||||||||||||||
Accounts receivable | $ | 9,498 | $ | — | $ | 5,639 | |||||||||||||||||||
Prepaid expenses and other current assets | 101 | — | 1,093 | ||||||||||||||||||||||
Property and equipment | 2,132 | 209 | 5,103 | ||||||||||||||||||||||
Other assets | 35 | — | 728 | ||||||||||||||||||||||
Deferred income taxes | — | — | 947 | ||||||||||||||||||||||
Total tangible assets | 11,766 | 209 | 13,510 | ||||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||||||
Non-compete agreements | 930 | 14 | 470 | ||||||||||||||||||||||
Trade name | 500 | — | 1,000 | ||||||||||||||||||||||
Customer relationships | 36,000 | 535 | 22,300 | ||||||||||||||||||||||
Goodwill | 51,590 | 592 | 45,164 | ||||||||||||||||||||||
Total intangible assets | 89,020 | 1,141 | 68,934 | ||||||||||||||||||||||
Total assets acquired | 100,786 | 1,350 | 82,444 | ||||||||||||||||||||||
Liabilities assumed: | |||||||||||||||||||||||||
Current liabilities | 6,573 | — | 4,725 | ||||||||||||||||||||||
Other liabilities | — | — | 1,735 | ||||||||||||||||||||||
Debt and capital lease obligations | 11,215 | — | 20,113 | ||||||||||||||||||||||
Deferred income taxes | — | — | 10,543 | ||||||||||||||||||||||
Total liabilities assumed | 17,788 | — | 37,116 | ||||||||||||||||||||||
Net assets acquired | $ | 82,998 | $1,350 | $ | 45,328 | ||||||||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | ||||||||||||||||||||||||
The acquired definite-live intangible assets have the following useful lives: | |||||||||||||||||||||||||
Useful Lives | |||||||||||||||||||||||||
CST | RGL | TQI | |||||||||||||||||||||||
Customer relationships | 15 years | 15 years | 15 years | ||||||||||||||||||||||
Non-competes | 5 years | 5 years | 5 years | ||||||||||||||||||||||
Trade names | 2 years | - | 5 years | ||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||||||||||
The following unaudited pro forma information presents a summary of the Company's consolidated results of operations as if the acquisitions occurred as of January 1, 2013 (in thousands, except per share data). | |||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||
30-Sep-14 | September 30, 2013 | 30-Sep-14 | September 30, 2013 | ||||||||||||||||||||||
Operating revenue | $ | 201,477 | $ | 187,924 | $ | 571,986 | $ | 529,022 | |||||||||||||||||
Income from operations | 26,906 | 25,470 | 70,983 | 68,012 | |||||||||||||||||||||
Net income | 16,744 | 15,814 | 44,254 | 43,128 | |||||||||||||||||||||
Net income per share | |||||||||||||||||||||||||
Basic | $ | 0.55 | $ | 0.52 | $ | 1.44 | $ | 1.44 | |||||||||||||||||
Diluted | $ | 0.54 | $ | 0.51 | $ | 1.42 | $ | 1.41 | |||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||||||||||
The following is a summary of the changes in goodwill for the nine months ended September 30, 2014. 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, 2013 | $ | 37,926 | $ | — | $ | 12,359 | $ | (6,953 | ) | $ | 45,164 | $ | — | $ | 88,496 | ||||||||||
CST and RGL acquisitions | 52,182 | — | — | — | — | — | 52,182 | ||||||||||||||||||
Ending balance, September 30, 2014 | $ | 90,108 | $ | — | $ | 12,359 | $ | (6,953 | ) | $ | 45,164 | $ | — | $ | 140,678 | ||||||||||
CST [Member] | ' | ||||||||||||||||||||||||
Goodwill [Line Items] | ' | ||||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||||||||||
The results of CST and RGL operations are reflected in the Company's consolidated statements of comprehensive income for the three and nine months ended September 30, 2014 from the dates of acquisition are as follows (in thousands, except per share data): | |||||||||||||||||||||||||
Three months ended September 30, 2014 | Dates of acquisition to September 30, 2014 | ||||||||||||||||||||||||
Operating revenue | $ | 21,100 | $ | 49,975 | |||||||||||||||||||||
Income from operations | 2,517 | 4,804 | |||||||||||||||||||||||
Net income | 1,553 | 2,934 | |||||||||||||||||||||||
Net income per share | |||||||||||||||||||||||||
Basic | $ | 0.05 | $ | 0.1 | |||||||||||||||||||||
Diluted | $ | 0.05 | $ | 0.09 | |||||||||||||||||||||
TQI [Member] | ' | ||||||||||||||||||||||||
Goodwill [Line Items] | ' | ||||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||||||||||
The results of TQI reflected in the Company's consolidated statements of comprehensive income for the three and nine months ended September 30, 2013 from the date of acquisition (March 4, 2013) are as follows (in thousands, except per share data): | |||||||||||||||||||||||||
Three months ended September 30, 2013 | March 4, 2013 to September 30, 2013 | ||||||||||||||||||||||||
Operating revenue | $ | 12,431 | $ | 28,545 | |||||||||||||||||||||
Income from operations | 934 | 1,936 | |||||||||||||||||||||||
Net income | 547 | 1,180 | |||||||||||||||||||||||
Net income per share | |||||||||||||||||||||||||
Basic | $ | 0.02 | $ | 0.04 | |||||||||||||||||||||
Diluted | $ | 0.02 | $ | 0.04 | |||||||||||||||||||||
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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, 2014 and 2013 were as follows: | |||||||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Expected dividend yield | — | % | 1.2 | % | |||||||||
Expected stock price volatility | — | % | 43.4 | % | |||||||||
Weighted average risk-free interest rate | — | % | 1.5 | % | |||||||||
Expected life of options (years) | 0 | 4.5 | |||||||||||
Weighted average grant date fair value | $ | — | $ | 13 | |||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Expected dividend yield | 1.2 | % | 1.2 | % | |||||||||
Expected stock price volatility | 38.8 | % | 43.7 | % | |||||||||
Weighted average risk-free interest rate | 1.6 | % | 0.9 | % | |||||||||
Expected life of options (years) | 5.3 | 5.3 | |||||||||||
Weighted average grant date fair value | $ | 14 | $ | 13 | |||||||||
The following tables summarize the Company’s employee stock option activity and related information: | |||||||||||||
Three months ended September 30, 2014 | |||||||||||||
Weighted- | |||||||||||||
Weighted- | Aggregate | Average | |||||||||||
Average | Intrinsic | Remaining | |||||||||||
Options | Exercise | Value | Contractual | ||||||||||
0 | Price | 0 | Term | ||||||||||
Outstanding at June 30, 2014 | 1,431 | $ | 28 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (51 | ) | 29 | ||||||||||
Forfeited | — | — | |||||||||||
Outstanding at September 30, 2014 | 1,380 | $ | 28 | $ | 25,745 | 2.4 | |||||||
Exercisable at September 30, 2014 | 1,174 | $ | 26 | $ | 24,377 | 1.8 | |||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for options | $ | 343 | $ | 329 | |||||||||
Tax benefit for option compensation | $ | 131 | $ | 124 | |||||||||
Unrecognized compensation cost for options, net of estimated forfeitures | $ | 1,971 | $ | 1,899 | |||||||||
Nine months ended September 30, 2014 | |||||||||||||
Weighted- | |||||||||||||
Weighted- | Aggregate | Average | |||||||||||
Average | Intrinsic | Remaining | |||||||||||
Options | Exercise | Value | Contractual | ||||||||||
0 | Price | 0 | Term | ||||||||||
Outstanding at December 31, 2013 | 1,732 | $ | 27 | ||||||||||
Granted | 101 | 43 | |||||||||||
Exercised | (445 | ) | 28 | ||||||||||
Forfeited | (8 | ) | 38 | ||||||||||
Outstanding at September 30, 2014 | 1,380 | $ | 28 | $ | 25,745 | 2.4 | |||||||
Exercisable at September 30, 2014 | 1,174 | $ | 26 | $ | 24,377 | 1.8 | |||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for options | $ | 989 | $ | 1,076 | |||||||||
Tax benefit for option compensation | $ | 377 | $ | 381 | |||||||||
Unrecognized compensation cost for options, net of estimated forfeitures | $ | 1,971 | $ | 1,899 | |||||||||
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, 2014 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at June 30, 2014 | 189 | $ | 40 | ||||||||||
Granted | 2 | 47 | |||||||||||
Vested | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Outstanding and non-vested at September 30, 2014 | 191 | $ | 40 | $ | 7,606 | ||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 906 | $ | 781 | |||||||||
Tax benefit for non-vested share compensation | $ | 345 | $ | 297 | |||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | $ | 5,241 | $ | 4,508 | |||||||||
Nine months ended September 30, 2014 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at December 31, 2013 | 186 | $ | 35 | ||||||||||
Granted | 99 | 43 | |||||||||||
Vested | (94 | ) | 43 | ||||||||||
Forfeited | — | — | |||||||||||
Outstanding and non-vested at September 30, 2014 | 191 | $ | 40 | $ | 7,606 | ||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 2,726 | $ | 2,289 | |||||||||
Tax benefit for non-vested share compensation | $ | 1,039 | $ | 872 | |||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | $ | 5,241 | $ | 4,508 | |||||||||
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, | ||||||||||||
2014 | 2013 | ||||||||||||
Expected stock price volatility | 32.5 | % | 34.5 | % | |||||||||
Weighted average risk-free interest rate | 0.7 | % | 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, 2014 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Performance | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at June 30, 2014 | 74 | $ | 44 | ||||||||||
Granted | — | — | |||||||||||
Additional shares awarded based on performance | — | — | |||||||||||
Vested | — | — | |||||||||||
Outstanding and non-vested at September 30, 2014 | 74 | $ | 44 | $ | 3,279 | ||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for performance shares | $ | 275 | $ | 275 | |||||||||
Tax benefit for performance share compensation | $ | 105 | $ | 105 | |||||||||
Unrecognized compensation cost for performance shares, net of estimated forfeitures | $ | 1,500 | $ | 1,465 | |||||||||
Nine months ended September 30, 2014 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Performance | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at December 31, 2013 | 88 | $ | 37 | ||||||||||
Granted | 23 | 48 | |||||||||||
Additional shares awarded based on performance | 19 | 30 | |||||||||||
Vested | (56 | ) | 30 | ||||||||||
Outstanding and non-vested at September 30, 2014 | 74 | $ | 44 | $ | 3,279 | ||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for performance shares | $ | 822 | $ | 780 | |||||||||
Tax benefit for performance share compensation | $ | 313 | $ | 297 | |||||||||
Unrecognized compensation cost for performance shares, net of estimated forfeitures | $ | 1,500 | $ | 1,465 | |||||||||
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, 2014 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at June 30, 2014 | 14 | $ | 43 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Outstanding and non-vested at September 30, 2014 | 14 | $ | 43 | $ | 602 | ||||||||
Three months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 152 | $ | 141 | |||||||||
Tax benefit for non-vested share compensation | $ | 58 | $ | 54 | |||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | $ | 363 | $ | 335 | |||||||||
Nine months ended September 30, 2014 | |||||||||||||
Weighted- | Aggregate | ||||||||||||
Non-vested | Average | Grant Date | |||||||||||
Shares | Grant Date | Fair Value | |||||||||||
0 | Fair Value | 0 | |||||||||||
Outstanding and non-vested at December 31, 2013 | 15 | $ | 38 | ||||||||||
Granted | 14 | 43 | |||||||||||
Vested | (15 | ) | 38 | ||||||||||
Outstanding and non-vested at September 30, 2014 | 14 | $ | 43 | $ | 602 | ||||||||
Nine months ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Shared-based compensation for non-vested shares | $ | 433 | $ | 448 | |||||||||
Tax benefit for non-vested share compensation | $ | 165 | $ | 171 | |||||||||
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | $ | 363 | $ | 335 | |||||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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, 2014 | September 30, 2013 | ||||||||||||||
2014 | 2013 | ||||||||||||||||
Numerator: | |||||||||||||||||
Numerator for basic and diluted income per share - net income | $ | 16,744 | $ | 14,197 | $ | 44,123 | $ | 38,882 | |||||||||
Denominator (in thousands): | |||||||||||||||||
Denominator for basic income per share - weighted-average shares | 30,415 | 30,374 | 30,710 | 30,017 | |||||||||||||
Effect of dilutive stock options (in thousands) | 418 | 447 | 431 | 512 | |||||||||||||
Effect of dilutive performance shares (in thousands) | 37 | 13 | 41 | 9 | |||||||||||||
Effect of dilutive non-vested shares and deferred stock units (in thousands) | 62 | 152 | 52 | 139 | |||||||||||||
Denominator for diluted income per share - adjusted weighted-average shares | 30,932 | 30,986 | 31,234 | 30,677 | |||||||||||||
Basic net income per share | $ | 0.55 | $ | 0.47 | $ | 1.44 | $ | 1.3 | |||||||||
Diluted net income per share | $ | 0.54 | $ | 0.46 | $ | 1.41 | $ | 1.27 | |||||||||
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, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Anti-dilutive stock options (in thousands) | 108 | 186 | |||||||||||||||
Anti-dilutive performance shares (in thousands) | — | — | |||||||||||||||
Total anti-dilutive shares (in thousands) | 108 | 186 | |||||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
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 capital lease obligations as follows: | |||||||||
September 30, 2014 | |||||||||
Carrying Value | Fair Value | ||||||||
Capital leases | $ | 1,626 | $ | 1,662 | |||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Summary of segment information | ' | ||||||||||||||||||||
The following tables summarize segment information about net income 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, 2014 and 2013. | |||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||
Forward Air | FASI | TQI | Eliminations | Consolidated | |||||||||||||||||
External revenues | $ | 159,025 | $ | 30,462 | $ | 11,990 | $ | — | $ | 201,477 | |||||||||||
Intersegment revenues | 1,060 | 153 | 39 | (1,252 | ) | — | |||||||||||||||
Depreciation and amortization | 5,669 | 1,502 | 944 | — | 8,115 | ||||||||||||||||
Share-based compensation expense | 1,608 | 47 | 21 | — | 1,676 | ||||||||||||||||
Interest expense | 167 | — | 5 | — | 172 | ||||||||||||||||
Interest income | 1 | — | — | — | 1 | ||||||||||||||||
Income tax expense | 8,970 | 686 | 279 | — | 9,935 | ||||||||||||||||
Net income | 15,010 | 1,097 | 637 | — | 16,744 | ||||||||||||||||
Total assets | 595,447 | 43,771 | 88,462 | (197,735 | ) | 529,945 | |||||||||||||||
Capital expenditures | 2,064 | 1,610 | 7 | — | 3,681 | ||||||||||||||||
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 | ||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||
Forward Air | FASI | TQI | Eliminations | Consolidated | |||||||||||||||||
External revenues | $ | 445,874 | $ | 84,482 | $ | 36,541 | $ | — | $ | 566,897 | |||||||||||
Intersegment revenues | 2,664 | 390 | 230 | (3,284 | ) | — | |||||||||||||||
Depreciation and amortization | 15,976 | 4,229 | 2,674 | — | 22,879 | ||||||||||||||||
Share-based compensation expense | 4,829 | 128 | 48 | — | 5,005 | ||||||||||||||||
Interest expense | 377 | 2 | (24 | ) | — | 355 | |||||||||||||||
Interest income | 8 | — | — | — | 8 | ||||||||||||||||
Income tax expense | 24,367 | 1,034 | 1,036 | — | 26,437 | ||||||||||||||||
Net income | 40,196 | 1,693 | 2,234 | — | 44,123 | ||||||||||||||||
Total assets | 595,447 | 43,771 | 88,462 | (197,735 | ) | 529,945 | |||||||||||||||
Capital expenditures | 24,766 | 6,165 | 6,170 | — | 37,101 | ||||||||||||||||
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 | ||||||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Number of principal reporting segments | 3 |
Forward Air number of categories of service | 3 |
Acquisitions_and_Goodwill_Deta
Acquisitions and Goodwill (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 02, 2014 | Sep. 30, 2014 | Sep. 05, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 04, 2013 | Sep. 30, 2014 | Feb. 02, 2014 | Sep. 30, 2014 | Mar. 04, 2013 | Sep. 30, 2014 | Feb. 02, 2014 | Sep. 30, 2014 | Sep. 05, 2014 | Sep. 30, 2014 | Mar. 04, 2013 | Sep. 30, 2014 | Feb. 02, 2014 | Sep. 30, 2014 | Sep. 05, 2014 | Sep. 30, 2014 | Mar. 04, 2013 |
CST [Member] | CST [Member] | CST [Member] | RGL [Member] | RGL [Member] | Forward Air [Member] | Forward Air [Member] | FASI [Member] | FASI [Member] | TQI [Member] | TQI [Member] | TQI [Member] | TQI [Member] | TQI [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Trade Names [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | ||||||
CST [Member] | CST [Member] | TQI [Member] | TQI [Member] | CST [Member] | CST [Member] | RGL [Member] | RGL [Member] | TQI [Member] | TQI [Member] | CST [Member] | CST [Member] | RGL [Member] | RGL [Member] | TQI [Member] | TQI [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | ' | $82,998 | ' | $1,350 | ' | ' | ' | ' | ' | ' | $45,328 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Debt Assumed | ' | ' | ' | ' | ' | ' | 11,215 | ' | ' | ' | ' | ' | ' | ' | ' | 20,113 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Escrow Deposit | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | 900 | ' | ' | ' | ' | ' | ' | ' | ' | 943 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 615 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | '5 years | ' | '5 years | ' | '5 years | ' | '5 years | ' | '15 years | ' | '15 years | ' | '15 years | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenue Since Acquisition Date | ' | ' | ' | ' | ' | 21,100 | 49,975 | ' | ' | ' | ' | ' | ' | ' | 12,431 | 28,545 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income Since Acquisition Date | ' | ' | ' | ' | ' | 2,517 | 4,804 | ' | ' | ' | ' | ' | ' | ' | 934 | 1,936 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income Since Acquisition Date | ' | ' | ' | ' | ' | 1,553 | 2,934 | ' | ' | ' | ' | ' | ' | ' | 547 | 1,180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination Information, Earnings Per Share of Acquiree since Acquisition Date, Basic | ' | ' | ' | ' | ' | $0.05 | $0.10 | ' | ' | ' | ' | ' | ' | ' | $0.02 | $0.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination Information, Earnings Per Share of Acquiree since Acquisition Date, Diluted | ' | ' | ' | ' | ' | $0.05 | $0.09 | ' | ' | ' | ' | ' | ' | ' | $0.02 | $0.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | 201,477 | 187,924 | 571,986 | 529,022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Income from Operations | 26,906 | 25,470 | 70,983 | 68,012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Net Income (Loss) | 16,744 | 15,814 | 44,254 | 43,128 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.55 | $0.52 | $1.44 | $1.44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.54 | $0.51 | $1.42 | $1.41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,953 | -6,953 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of goodwill | 140,678 | ' | 140,678 | ' | 88,496 | ' | ' | 51,590 | ' | 592 | 90,108 | 37,926 | 12,359 | 12,359 | ' | ' | 45,164 | 45,164 | 45,164 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | 52,182 | ' | ' | ' | ' | ' | ' | ' | 52,182 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquired Receivables, Gross Contractual Amount | ' | ' | ' | ' | ' | ' | ' | 9,498 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,639 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | ' | ' | ' | ' | ' | ' | ' | 101 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,093 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | 2,132 | ' | 209 | ' | ' | ' | ' | ' | ' | ' | ' | 5,103 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | ' | ' | ' | ' | ' | ' | ' | 35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 728 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 947 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Total Tangible Assets | ' | ' | ' | ' | ' | ' | ' | 11,766 | ' | 209 | ' | ' | ' | ' | ' | ' | ' | ' | 13,510 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | 1,000 | ' | 930 | ' | 14 | ' | 470 | ' | 36,000 | ' | 535 | ' | 22,300 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | ' | ' | ' | 89,020 | ' | 1,141 | ' | ' | ' | ' | ' | ' | ' | ' | 68,934 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | ' | ' | ' | ' | ' | ' | 100,786 | ' | 1,350 | ' | ' | ' | ' | ' | ' | ' | ' | 82,444 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | ' | ' | ' | ' | ' | ' | ' | 6,573 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,725 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,735 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | ' | ' | ' | ' | ' | ' | ' | 11,215 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,113 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,543 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | ' | ' | ' | ' | ' | ' | 17,788 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,116 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Net Total Assets | ' | ' | ' | ' | ' | ' | ' | $82,998 | ' | $1,350 | ' | ' | ' | ' | ' | ' | ' | ' | $45,328 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $1,676 | $1,525 | $5,005 | $4,619 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 343 | 329 | 989 | 1,076 |
Tax benefit related to share-based expense | 131 | 124 | 377 | 381 |
Unrecognized share-based compensation, net of estimated forfeitures | 1,971 | 1,899 | 1,971 | 1,899 |
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% | 1.20% |
Expected stock price volatility | ' | 43.40% | 38.80% | 43.70% |
Weighted Average Risk Free Interest Rate | ' | 1.50% | 1.60% | 0.90% |
Expected life of options (in years) | ' | '4 years 6 months 11 days | '5 years 3 months 11 days | '5 years 3 months 11 days |
Weighted-average fair value of options (dollars per share) | ' | $13 | $14 | $13 |
Outstanding, beginning of period (in shares) | 1,431,000 | ' | 1,732,000 | ' |
Granted (in shares) | 0 | ' | 101,000 | ' |
Exercised (in shares) | -51,000 | ' | -445,000 | ' |
Forfeited (in shares) | 0 | ' | -8,000 | ' |
Outstanding, end of period (in shares) | 1,380,000 | ' | 1,380,000 | ' |
Exercisable, end of period (in shares) | 1,174,000 | ' | 1,174,000 | ' |
Outstanding, beginning of period (in dollars per share) | $28 | ' | $27 | ' |
Grants in Period (in dollars per share) | $0 | ' | $43 | ' |
Exercises in Period (in dollars per share) | $29 | ' | $28 | ' |
Forfeited in period (in dollars per share) | $0 | ' | $38 | ' |
Outstanding, end of period (in dollars per share) | $28 | ' | $28 | ' |
Exercisable, end of period (in dollars per share) | $26 | ' | $26 | ' |
Aggregate Intrinsic Value Outstanding, end of period | 25,745 | ' | 25,745 | ' |
Aggregate Intrinsic Value Exercisable, end of period | $24,377 | ' | $24,377 | ' |
Weighted-average remaining contractual term Outstanding, end of period (in years) | '2 years 4 months 11 days | ' | '2 years 4 months 11 days | ' |
Weighted-average remaining contractual term Exercisable, end of period (in years) | '1 year 9 months 11 days | ' | '1 year 9 months 11 days | ' |
Non-employee Director Stock Options [Member] | ' | ' | ' | ' |
Employee activity - stock options [Abstract] | ' | ' | ' | ' |
Outstanding, end of period (in shares) | 7,500 | ' | 7,500 | ' |
Exercisable, end of period (in dollars per share) | $26 | ' | $26 | ' |
Weighted-average remaining contractual term Outstanding, end of period (in years) | ' | ' | '7 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $1,676 | $1,525 | $5,005 | $4,619 |
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 | ' | 186 | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 2 | ' | 99 | ' |
Shares Vested in Period | 0 | ' | -94 | ' |
Shares Forfeited in Period | 0 | ' | 0 | ' |
Outstanding and non-vested, end of period (in shares) | 191 | ' | 191 | ' |
Outstanding and non-vested, weighted-average grant date fair value, beginning of period | $40 | ' | $35 | ' |
Grants in Period, Weighted Average Grant Date Fair Value | $47 | ' | $43 | ' |
Vested in Period, Weighed-average grant date fair value | $0 | ' | $43 | ' |
Forfeited in period (in dollars per share) | $0 | ' | $0 | ' |
Outstanding and non-vested, weighted-average grant date fair value, end of period | $40 | ' | $40 | ' |
Outstanding and non-vested, aggregate grant date fair value | 7,606 | ' | 7,606 | ' |
Share-based compensation expense | 906 | 781 | 2,726 | 2,289 |
Tax benefit related to share-based expense | 345 | 297 | 1,039 | 872 |
Unrecognized share-based compensation, net of estimated forfeitures | $5,241 | $4,508 | $5,241 | $4,508 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $1,676 | $1,525 | $5,005 | $4,619 |
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 | ' | ' | 32.50% | 34.50% |
Weighted Average Risk Free Interest Rate | ' | ' | 0.70% | 0.40% |
Outstanding and non-vested, beginning of period (in shares) | 74 | ' | 88 | ' |
Grants in Period | 0 | ' | 23 | ' |
Additional Shares Awarded Based on Performance, Shares Issued in Period | 0 | ' | 19 | ' |
Shares Vested in Period | 0 | ' | -56 | ' |
Outstanding and non-vested, end of period (in shares) | 74 | ' | 74 | ' |
Outstanding and non-vested, weighted-average grant date fair value, beginning of period | $44 | ' | $37 | ' |
Grants in Period, Weighted Average Grant Date Fair Value | $0 | ' | $48 | ' |
Stock Issued During Period, Weighted Average Grant Date Fair Value | $0 | ' | $30 | ' |
Vested in Period, Weighed-average grant date fair value | $0 | ' | $30 | ' |
Outstanding and non-vested, weighted-average grant date fair value, end of period | $44 | ' | $44 | ' |
Outstanding and non-vested, aggregate grant date fair value | 3,279 | ' | 3,279 | ' |
Share-based compensation expense | 275 | 275 | 822 | 780 |
Tax benefit related to share-based expense | 105 | 105 | 313 | 297 |
Unrecognized share-based compensation, net of estimated forfeitures | $1,500 | $1,465 | $1,500 | $1,465 |
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, 2014 | Sep. 30, 2013 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' |
Share-based compensation | $5,005 | $4,619 |
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) | 408,508 | ' |
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) | 3,814 | 4,241 |
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased (in dollars per share) | $38.88 | $32.34 |
Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $8.97 | $5.94 |
Share-based compensation | $35 | $26 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
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 | $1,676 | $1,525 | $5,005 | $4,619 |
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) | 14 | ' | 15 | ' |
Grants in Period | 0 | ' | 14 | ' |
Shares Vested in Period | 0 | ' | -15 | ' |
Outstanding and non-vested, end of period (in shares) | 14 | ' | 14 | ' |
Outstanding and non-vested, weighted-average grant date fair value, beginning of period | $43 | ' | $38 | ' |
Grants in Period, Weighted Average Grant Date Fair Value | $0 | ' | $43 | ' |
Vested in Period, Weighed-average grant date fair value | $0 | ' | $38 | ' |
Outstanding and non-vested, weighted-average grant date fair value, end of period | $43 | ' | $43 | ' |
Outstanding and non-vested, aggregate grant date fair value | 602 | ' | 602 | ' |
Share-based compensation expense | 152 | 141 | 433 | 448 |
Tax benefit related to share-based expense | 58 | 54 | 165 | 171 |
Unrecognized share-based compensation, net of estimated forfeitures | $363 | $335 | $363 | $335 |
Senior_Credit_Facility_Details
Senior Credit Facility (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Feb. 01, 2012 |
Years | ||
Debt Instrument [Line Items] | ' | ' |
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 | 9,749 | ' |
Available borrowing capacity | $140,251 | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator [Abstract] | ' | ' | ' | ' |
Numerator for basic and diluted income per share - net income | $16,744 | $14,197 | $44,123 | $38,882 |
Denominator [Abstract] | ' | ' | ' | ' |
Denominator for basic income per share - weighted-average shares | 30,415 | 30,374 | 30,710 | 30,017 |
Denominator for diluted income per share - adjusted weighted-average shares | 30,932 | 30,986 | 31,234 | 30,677 |
Basic income per share (dollars per share) | $0.55 | $0.47 | $1.44 | $1.30 |
Diluted income per share (dollars per share) | $0.54 | $0.46 | $1.41 | $1.27 |
Total number anti-dilutive options, non-vested shares, and performance shares excluded from income per diluted share computation | ' | ' | 108 | 186 |
Stock Option [Member] | ' | ' | ' | ' |
Denominator [Abstract] | ' | ' | ' | ' |
Effect of dilutive stock options and non-vested shares | 418 | 447 | 431 | 512 |
Total number anti-dilutive options, non-vested shares, and performance shares excluded from income per diluted share computation | ' | ' | 108 | 186 |
Key Employee Performance Share Based Plan [Member] | ' | ' | ' | ' |
Denominator [Abstract] | ' | ' | ' | ' |
Effect of dilutive stock options and non-vested shares | 37 | 13 | 41 | 9 |
Total number anti-dilutive options, non-vested shares, and performance shares excluded from income per diluted share computation | ' | ' | 0 | 0 |
Nonvested Shares [Member] | ' | ' | ' | ' |
Denominator [Abstract] | ' | ' | ' | ' |
Effect of dilutive stock options and non-vested shares | 62 | 152 | 52 | 139 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Effective Income Tax Rate, Continuing Operations | ' | ' | 37.50% | 36.10% |
Effective statutory federal income tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Value (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
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% |
Other debt and capital leases | $1,662 |
Carrying Value | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Other debt and capital leases | $1,626 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 07, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
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) | $0.12 | $0.10 | $0.36 | $0.30 | ' | $0.12 | $0.12 | $0.12 | $0.10 | $0.10 | $0.10 | $0.10 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program Number Of Shares Repurchased | 434,993 | ' | 881,979 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased and Retired During Period, Value | $19,987,000 | ' | $39,972,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchased, common stock acquired, average cost per share | $45.95 | ' | $45.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,118,021 | ' | 1,118,021 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenues | $201,477 | $170,033 | $566,897 | $471,396 | ' |
Depreciation and amortization | 8,115 | 6,220 | 22,879 | 17,377 | ' |
Allocated Share Based Compensation Expense | 1,676 | 1,525 | 5,005 | 4,619 | ' |
Interest expense | 172 | 145 | 355 | 401 | ' |
Interest income | 1 | 6 | 8 | 30 | ' |
Income tax expense (benefit) | 9,935 | 8,542 | 26,437 | 21,941 | ' |
Net income (loss) | 16,744 | 14,197 | 44,123 | 38,882 | ' |
Total assets | 529,945 | 490,802 | 529,945 | 490,802 | 506,269 |
Capital expenditures | 3,681 | 5,272 | 37,101 | 33,266 | ' |
Number of reportable segments | ' | ' | 3 | ' | ' |
Forward Air [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenues | 159,025 | 127,953 | 445,874 | 367,011 | ' |
Intersegment revenues | 1,060 | 838 | 2,664 | 1,969 | ' |
Depreciation and amortization | 5,669 | 4,238 | 15,976 | 12,110 | ' |
Allocated Share Based Compensation Expense | 1,608 | 1,471 | 4,829 | 4,453 | ' |
Interest expense | 167 | 144 | 377 | 395 | ' |
Interest income | 1 | 6 | 8 | 29 | ' |
Income tax expense (benefit) | 8,970 | 7,604 | 24,367 | 20,989 | ' |
Net income (loss) | 15,010 | 12,768 | 40,196 | 37,481 | ' |
Total assets | 595,447 | 464,538 | 595,447 | 464,538 | ' |
Capital expenditures | 2,064 | 1,679 | 24,766 | 23,993 | ' |
FASI [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenues | 30,462 | 29,649 | 84,482 | 75,841 | ' |
Intersegment revenues | 153 | 179 | 390 | 540 | ' |
Depreciation and amortization | 1,502 | 1,254 | 4,229 | 3,621 | ' |
Allocated Share Based Compensation Expense | 47 | 28 | 128 | 113 | ' |
Interest expense | 0 | 1 | 2 | 6 | ' |
Income tax expense (benefit) | 686 | 551 | 1,034 | 196 | ' |
Net income (loss) | 1,097 | 882 | 1,693 | 221 | ' |
Total assets | 43,771 | 42,043 | 43,771 | 42,043 | ' |
Capital expenditures | 1,610 | 1,797 | 6,165 | 6,302 | ' |
TQI [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenues | 11,990 | 12,431 | 36,541 | 28,544 | ' |
Intersegment revenues | 39 | ' | 230 | ' | ' |
Depreciation and amortization | 944 | 728 | 2,674 | 1,646 | ' |
Allocated Share Based Compensation Expense | 21 | 26 | 48 | 53 | ' |
Interest expense | 5 | ' | -24 | 1 | ' |
Income tax expense (benefit) | 279 | 387 | 1,036 | 756 | ' |
Net income (loss) | 637 | 547 | 2,234 | 1,180 | ' |
Total assets | 88,462 | 84,343 | 88,462 | 84,343 | ' |
Capital expenditures | 7 | 1,796 | 6,170 | 2,971 | ' |
Elimination [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Intersegment revenues | -1,252 | -1,017 | -3,284 | -2,509 | ' |
Total assets | ($197,735) | ($100,122) | ($197,735) | ($100,122) | ' |