Forward Air (FWRD) 10-Q 26 Apr 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 23, 2018
Entity Information [Line Items]
Entity Registrant Name	FORWARD AIR CORP
Entity Central Index Key	912,728
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		29,414,997
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash	$ 12,735	$ 3,893
Accounts receivable, less allowance of $3,158 in 2018 and $3,006 in 2017	146,191	147,948
Other current assets	11,147	15,807
Total current assets	170,073	167,648
Property and equipment	402,688	399,235
Less accumulated depreciation and amortization	199,088	193,123
Total property and equipment, net	203,600	206,112
Goodwill and other acquired intangibles:
Goodwill	191,671	191,671
Other acquired intangibles, net of accumulated amortization of $73,837 in 2018 and $71,527 in 2017	108,938	111,247
Total goodwill and other acquired intangibles, net	300,609	302,918
Other assets	15,925	15,944
Total assets	690,207	692,622
Current liabilities:
Accounts Payable	30,004	30,723
Accrued expenses	35,976	35,069
Current portion of debt and capital lease obligations	351	359
Total current liabilities	66,331	66,151
Long-term debt and capital lease obligations, less current portion	40,522	40,588
Other long-term liabilities	24,118	24,104
Deferred income taxes	32,793	29,080
Shareholders' equity:
Preferred stock	0	0
Common stock, $0.01 par value: Authorized shares - 50,000,000, Issued and outstanding shares - 29,161,999 in 2018 and 29,454,062 in 2017	290	295
Additional paid-in capital	197,607	195,346
Retained earnings	328,546	337,058
Total shareholders' equity	526,443	532,699
Total liabilities and shareholders' equity	$ 690,207	$ 692,622

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) Parenthetical - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Accounts receivable, allowance	$ 3,158	$ 3,006
Other acquired intangibles, accumulated amortization	$ 73,837	$ 71,527
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)	29,161,999	29,454,062
Common stock, outstanding shares (in shares)	29,161,999	29,454,062

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating revenue	$ 302,608	$ 262,046
Operating expenses:
Purchased transportation	139,666	117,695
Salaries, wages and employee benefits	69,581	61,928
Operating leases	17,964	15,601
Depreciation and amortization	10,690	10,033
Insurance and claims	7,153	5,806
Fuel expense	5,554	3,680
Other operating expenses	27,765	23,560
Total operating expenses	278,373	238,303
Income from operations	24,235	23,743
Other income (expense):
Interest expense	(371)	(282)
Other, net	0	(26)
Total other income (expense)	(371)	(308)
Income before income taxes	23,864	23,435
Income taxes	6,123	8,854
Net income and comprehensive income	$ 17,741	$ 14,581
Net income per share:
Basic (in dollars per share)	$ 0.60	$ 0.48
Diluted (in dollars per share)	0.60	0.48
Common Stock [Member]
Dividends per share:
Dividends per share (in dollars per share)	$ 0.15	$ 0.15

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities:
Net income	$ 17,741	$ 14,581
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	10,690	10,033
Share-based compensation expense	2,261	1,962
Loss on disposal of property and equipment	82	488
Provision for loss on receivables	134	22
Provision for revenue adjustments	817	718
Deferred income tax	3,713	131
Changes in operating assets and liabilities
Accounts receivable	805	(1,470)
Other current assets	2,715	2,153
Income taxes	1,768	8,434
Accounts payable and accrued expenses	87	9
Net cash provided by operating activities	40,813	37,061
Investing activities:
Proceeds from disposal of property and equipment	644	790
Purchases of property and equipment	(6,221)	(2,652)
Other	(91)	128
Net cash used in investing activities	(5,668)	(1,734)
Financing activities:
Payments of debt and capital lease obligations	(74)	(27,857)
Proceeds from senior credit facility	0	13,000
Proceeds from exercise of stock options	0	1,524
Payments of cash dividends	(4,413)	(4,539)
Repurchase of common stock (repurchase program)	(19,993)	(9,996)
Cash settlement of share-based awards for minimum tax withholdings	(1,823)	(1,635)
Net cash used in financing activities	(26,303)	(29,503)
Net increase in cash	8,842	5,824
Cash at beginning of period	3,893	8,511
Cash at end of period	$ 12,735	$ 14,335

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Forward Air Corporation is a leading asset-light freight and logistics company. Forward Air Corporation's ("the Company", "We", "Our") services can be classified into four reportable segments: Expedited LTL, Truckload Premium Services ("TLS"), Intermodal and Pool Distribution ("Pool") (See note 11). Through the Expedited LTL segment, we operate a comprehensive national network to provide expedited regional, inter-regional and national less-than-truckload ("LTL") services. Expedited LTL offers customers local pick-up and delivery and other services including shipment consolidation and deconsolidation, warehousing, customs brokerage and other handling. Through our TLS segment, we provide expedited truckload brokerage, dedicated fleet services, as well as high security and temperature-controlled logistics services in the United States and Canada. Our Intermodal segment provides first- and last-mile high value intermodal container drayage services both to and from seaports and railheads. Intermodal also offers dedicated contract and CFS warehouse and handling services. Today, Intermodal operates primarily in the Midwest and Southeast, with a smaller operational presence in the Southwest. In our Pool Distribution segment, we provide high-frequency handling and distribution of time sensitive product to numerous destinations within a specific geographic region. We offer this service throughout the Mid-Atlantic, Southeast, Midwest and Southwest United States. 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 months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . 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, 2017 . 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. Certain reclassifications have been made to the prior period financial information to conform to the current year presentation.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): "Simplifying the Accounting for Goodwill Impairment." Under the current guidance for assessing goodwill for impairment, an entity can first assess qualitative factors to determine whether a two-step goodwill impairment test is necessary. Under the new standard, a goodwill impairment loss will instead be measured at the amount by which a reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill, thus no longer requiring the two-step method. The guidance requires prospective adoption and will be effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption of this guidance is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We have adopted this guidance and do not expect any impact to the consolidated financial statements. In February 2016, the FASB, issued ASU 2016-02, Leases, which introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The guidance will be effective for annual reporting periods beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. We are evaluating the impact of the future adoption of this standard on our consolidated financial statements. 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, 2017. The guidance permits the use of either a full retrospective or modified retrospective adoption approach with a cumulative effect adjustment recorded in either scenario as necessary upon transition. As permitted by the guidance, we implemented the use of full retrospective presentation, which required the Company to restate each prior reporting period presented. While evaluating principal versus agent relationships under the new standard, we determined that we will transition the fuel surcharge revenue stream from an agent to principal relationship. This caused this revenue stream and associated costs to be recognized on a gross basis that have historically been recognized on a net basis, increasing revenue and expenses by approximately $14,203 for the three months ended March 31, 2017 with no impact on operating income. In addition, based on a review of our customer shipping arrangements, we have concluded that revenue recognition for our performance obligations should be over time. This is because the customer will simultaneously receive and consume the benefits of these services as the entity performs over the related service period. A performance obligation is performed over time if an entity determines that another entity would not need to substantially reperform the work completed to date if another entity were to fulfill the remaining performance obligation to the applicable customer. Applying this language to our performance obligations, if we were to move a customer’s freight partially to its destination but were unable to complete the remaining obligation, a replacement vendor would only have to complete the transit as opposed to initiating at shipment origin. Therefore, we believe our customers simultaneously receive and consume the benefits we provide and as a result we will recognize the revenue for each shipment over the course of time. Management notes that the FASB’s basis for conclusions to the new revenue standard includes an example of a transportation contract to move goods from one city to another. In paragraph BC126 of ASU 2014-09 (ASC 606), the FASB explained the application of over time revenue recognition guidance to transportation services. Forward Air’s conclusion is consistent with the FASB’s conclusion in BC126. Once management concluded that revenue would be recognized over time under ASC 606, management determined an appropriate measure of progress of recognizing revenue over time toward complete satisfaction of a performance obligation. Most of the company’s services are completed in a short amount of time; therefore, a relatively small number of contracts in a quarter are open as of the end of the quarter. Consequently, any reasonable measure of progress will result in materially the same amount of revenue in a quarter. Management concluded that the measure of progress would be days of shipping. For example, if a transportation service performance obligation takes three days to complete and a quarter ends on day two of the services, management would recognize two-thirds of the revenue for the transportation performance obligation. Our revenue from contracts with customers is separated by our four reportable segments: Expedited LTL, TLS, Intermodal and Pool. This is consistent with our disclosures in earnings releases and annual reports and with the information regularly reviewed by the chief operating decision maker for evaluating financial performance. We recast certain prior period amounts to conform with the adoption of the revenue recognition standard, as shown in the following tables: Three months ended March 31, 2017 (In thousands, except per share data) As Previously Reported Adjustments As Adjusted Income Statement: Revenue LTL revenue $ 140,598 $ 8,167 $ 148,765 Truckload Premium Services 41,785 5,303 47,088 Pool Distribution 37,823 978 38,801 Intermodal 28,291 616 28,907 Eliminations and other operations (1,515 ) — (1,515 ) Consolidated revenue 246,982 15,064 262,046 Operating Expenses 223,793 14,510 238,303 Income from operations 23,189 554 23,743 Income tax expenses 8,638 216 8,854 Net Income 14,243 338 14,581 Diluted earnings per share $ 0.47 $ 0.01 $ 0.48 December 31, 2017 As Previously Reported Adjustments As Adjusted Balance Sheet: Accounts receivable, net $ 143,041 $ 4,907 $ 147,948 Accounts payable 24,704 6,019 30,723 Deferred income taxes 29,403 (323 ) 29,080 Retained earnings 337,848 (790 ) 337,058

Acquisitions and Goodwill

Acquisitions and Goodwill	3 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisitions and Goodwill	Acquisitions and Goodwill CST Acquisitions As part of the Company's strategy to expand its Intermodal operations, in May 2017, we acquired certain assets of Atlantic Trucking Company, Inc., Heavy Duty Equipment Leasing, LLC, Atlantic Logistics, LLC and Transportation Holdings, Inc. (together referred to as “Atlantic” in this note) for $22,500 and a potential earnout of $1,000 . The acquisition was funded by a combination of cash on hand and funds from our revolving credit facility. Atlantic was a privately held provider of intermodal, drayage and related services headquartered in Charleston, South Carolina. It also has terminal operations in Atlanta, Charlotte, Houston, Jacksonville, Memphis, Nashville, Norfolk and Savannah. These locations allowed Intermodal to significantly expand its footprint in the southeastern region. In October 2017, we also acquired certain assets of Kansas City Logistics, LLC ("KCL") for $640 and a potential earnout of $100 . KCL provided CST with an expanded footprint in the Kansas and Missouri markets. The assets, liabilities, and operating results of these collective acquisitions have been included in the Company's consolidated financial statements from their dates of acquisition and have been included in the Intermodal reportable segment. Allocations of Purchase Prices The following table presents the allocation of the Atlantic purchase price to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands): Atlantic KCL May 7, 2017 October 22, 2017 Tangible assets: Property and equipment $ 1,821 $ 223 Total tangible assets 1,821 223 Intangible assets: Non-compete agreements 1,150 6 Customer relationships 13,400 234 Goodwill 6,719 277 Total intangible assets 21,269 517 Total assets acquired 23,090 740 Liabilities assumed: Current liabilities 590 100 Total liabilities assumed 590 100 Net assets acquired $ 22,500 $ 640 The acquired definite-lived intangible assets have the following useful lives: Useful Lives Atlantic KCL Customer relationships 15 years 15 years Non-compete agreements 5 years 2 years The fair value of the non-compete agreements and customer relationships 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 estimate 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. Cash flows were assumed to extend through the remaining economic useful life of each class of intangible asset. Goodwill There were no changes to goodwill for the three months ended March 31, 2018 . Approximately $112,527 of goodwill is deductible for tax purposes. The following is a summary of the goodwill balances as of March 31, 2018 . Ending balance, March 31, 2018 Expedited LTL Goodwill $ 97,593 Accumulated Impairment — TLS Goodwill 45,164 Accumulated Impairment (25,686 ) Pool Distribution Goodwill 12,359 Accumulated Impairment (6,953 ) Intermodal Goodwill 69,194 Accumulated Impairment — Total $ 191,671

Share-Based Payments

Share-Based Payments	3 Months Ended
	Mar. 31, 2018
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 ratably over the requisite service period, or vesting period. 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 estimate their fair value during the three months ended March 31, 2018 and 2017 were as follows: Three months ended March 31, March 31, Expected dividend yield 1.1 % 1.3 % Expected stock price volatility 24.9 % 28.7 % Weighted average risk-free interest rate 2.6 % 2.0 % Expected life of options (years) 6.0 6.0 Weighted average grant date fair value $ 15 $ 13 The following tables summarize the Company’s employee stock option activity and related information: Three months ended March 31, 2018 Weighted- Weighted- Aggregate Average Average Intrinsic Remaining Options Exercise Value Contractual (000) Price (000) Term Outstanding at December 31, 2017 440 $ 45 Granted 86 59 Exercised — — Forfeited — — Outstanding at March 31, 2018 526 $ 47 $ 3,075 4.5 Exercisable at March 31, 2018 313 $ 44 $ 2,877 3.5 Three months ended March 31, March 31, Share-based compensation for options $ 342 $ 363 Tax benefit for option compensation $ 88 $ 134 Unrecognized compensation cost for options, net of estimated forfeitures $ 2,589 $ 2,683 Weighted average period over which unrecognized compensation will be recognized (years) 2.2 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 March 31, 2018 Weighted- Aggregate Non-vested Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at December 31, 2017 227 $ 47 Granted 122 58 Vested (105 ) 56 Forfeited (2 ) 52 Outstanding and non-vested at March 31, 2018 242 $ 52 $ 12,690 Three months ended March 31, March 31, Share-based compensation for non-vested shares $ 1,399 $ 1,246 Tax benefit for non-vested share compensation $ 360 $ 459 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 11,747 $ 10,470 Weighted average period over which unrecognized compensation will be recognized (years) 2.3 Employee Activity - Performance Shares The Company annually grants performance shares to key employees. Under the terms of the performance share agreements, following the end of a three-year performance period, the Company will issue to the employees a calculated number of common stock shares based on the three year performance of the Company’s total shareholder return as compared to the total shareholder return of a selected peer group. No shares may be issued if the Company's total shareholder return outperforms 25% or less of the peer group, but the number of shares issued may be doubled if the Company's total shareholder return 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 estimate were as follows: Three months ended March 31, March 31, Expected stock price volatility 24.3 % 24.7 % Weighted average risk-free interest rate 2.2 % 1.4 % The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information: Three months ended March 31, 2018 Weighted- Aggregate Performance Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at December 31, 2017 69 $ 58 Granted 18 72 Forfeited (22 ) $ 67 Outstanding and non-vested at March 31, 2018 65 $ 58 $ 3,795 Three months ended March 31, March 31, Share-based compensation for performance shares $ 335 $ 184 Tax benefit for performance share compensation $ 86 $ 68 Unrecognized compensation cost for performance shares, net of estimated forfeitures $ 2,343 $ 2,612 Weighted average period over which unrecognized compensation will be recognized (years) 2.2 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 March 31, 2018 Weighted- Aggregate Non-vested Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at December 31, 2017 11 $ 52 Granted 1 61 Vested — — Forfeited — $ — Outstanding and non-vested at March 31, 2018 12 $ 52 $ 615 Three months ended March 31, March 31, Share-based compensation for non-vested shares $ 185 $ 169 Tax benefit for non-vested share compensation $ 47 $ 63 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 65 $ 77 Weighted average period over which unrecognized compensation will be recognized (years) 0.1

Senior Credit Facility

Senior Credit Facility	3 Months Ended
	Mar. 31, 2018
Senior Credit Facility [Abstract]
Senior Credit Facility	Senior Credit Facility On September 29, 2017, the Company, entered into a five -year senior unsecured revolving credit facility (the “Facility”) with a maximum aggregate principal amount of $150,000 , with a sublimit of $30,000 for letters of credit and a sublimit of $30,000 for swing line loans. The Facility may be increased by up to $100,000 to a maximum aggregate principal amount of $250,000 pursuant to the terms of the credit agreement, subject to the lenders’ agreement to increase their commitments or the addition of new lenders extending such commitments. Such increases to the Facility may be in the form of additional revolving credit loans, term loans or a combination thereof, and are contingent upon there being no events of default under the Facility and satisfaction of other conditions precedent and are subject to the other limitations set forth in the credit agreement. The Facility is scheduled to mature in September 2022 and may be used to refinance existing indebtedness of the Company and for working capital, capital expenditures and other general corporate purposes. The Facility refinanced the Company’s existing obligations for its unsecured credit facility under the credit agreement dated as of February 4, 2015, as amended, which was terminated as of the date of the new Facility. Unless the Company elects otherwise under the credit agreement, interest on borrowings under the Facility is based on the highest of (a) the federal funds rate (not less than 0%) plus 0.5% , (b) the administrative agent's prime rate and (c) the LIBOR Rate plus 1.0% , in each case plus a margin that can range from 0.3% to 0.8% with respect to the Facility depending on the Company’s ratio of consolidated funded indebtedness to earnings before interest, taxes, depreciation and amortization, as set forth in the credit agreement. Payments of interest for each loan that is based on the LIBOR Rate are due in arrears on the last day of the interest period applicable to such loan (with interest periods of one, two or three months being available, at the Company’s option). Payments of interest on loans that are not based on the LIBOR Rate are due on the last day of each quarter ended March 31, June 30, September 30 and December 31 of each year. All unpaid amounts of principal and interest are due at maturity. As of March 31, 2018 , we had $40,500 in borrowings outstanding under the revolving credit facility, $7,932 utilized for outstanding letters of credit and $101,568 of available borrowing capacity under the revolving credit facility. The interest rate on the outstanding borrowing under the revolving credit facility was 3.6% at March 31, 2018. The Facility contains customary events of default including, among other things, payment defaults, breach of covenants, cross acceleration to material indebtedness, bankruptcy-related defaults, material judgment defaults, and the occurrence of certain change of control events. The occurrence of an event of default may result in, among other things, the termination of the Facilities, acceleration of repayment obligations and the exercise of remedies by the lenders with respect to the Company and its subsidiaries that are party to the Facility. The Facility also contains financial covenants and other covenants that, among other things, restrict the ability of the Company and its subsidiaries, without the approval of the required lenders, to engage in certain mergers, consolidations, asset sales, dividends and stock repurchases, investments, and other transactions or to incur liens or indebtedness in excess of agreed thresholds, as set forth in the credit agreement. Our new facility replaced our previously existing unsecured credit facility, which had a maximum aggregate principal amount of $275,000 , including a revolving credit facility of $150,000 and a term loan facility of $125,000 . The previous revolving credit facility was scheduled to expire in February 2020.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2018
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 March 31, March 31, (As Adjusted) Numerator: Net income and comprehensive income $ 17,741 $ 14,581 Income allocated to participating securities (145 ) (122 ) Numerator for basic and diluted income per share - net income $ 17,596 $ 14,459 Denominator (in thousands): Denominator for basic income per share - weighted-average shares 29,375 29,998 Effect of dilutive stock options (in thousands) 70 75 Effect of dilutive performance shares (in thousands) 35 33 Denominator for diluted income per share - adjusted weighted-average shares 29,480 30,106 Basic net income per share $ 0.60 $ 0.48 Diluted net income per share $ 0.60 $ 0.48 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: March 31, March 31, Anti-dilutive stock options (in thousands) 67 282 Anti-dilutive performance shares (in thousands) 11 15 Anti-dilutive non-vested shares and deferred stock units (in thousands) 9 — Total anti-dilutive shares (in thousands) 87 297

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Tax Reform On December 22, 2017, President Trump signed into law H.R. 1, “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018” (this legislation was formerly called the “Tax Cuts and Jobs Act” and is referred to herein as the “U.S. Tax Act”). The U.S. Tax Act provides for significant changes in the U.S. Internal Revenue Code of 1986, as amended. The U.S. Tax Act contains provisions with separate effective dates but is generally effective for taxable years beginning after December 31, 2017. Beginning on January 1, 2018, the U.S. Tax Act lowers the U.S. corporate income tax rate from 35% to 21% on our U.S. earnings from that date and beyond. The ultimate impact of the U.S. Tax Act on our reported results in 2018 may differ from the estimates provided herein, possibly materially, due to, among other things, changes in interpretations and assumptions we have made, guidance that may be issued, and other actions we may take as a result of the U.S. Tax Act different from that presently contemplated. On December 22, 2017, the SEC staff issued SAB 118 that allows us to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. We currently are analyzing the 2017 Tax Act, and in certain areas, have made reasonable estimates of the effects on our consolidated financial statements and tax disclosures, including the changes to our existing deferred tax balances. Tax Rate For the three months ended March 31, 2018 and 2017, the effective income tax rates varied from the statutory federal income tax rate of 21.0% and 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 three months ended March 31, 2018 was 25.7% compared to a rate of 37.8% for the same period in 2017. The lower effective tax rate for the first quarter of 2018 is the result of the enactment of the U.S. Tax Act, which lowered the statutory federal income tax rate to 21.0% from 35.0%. The lower rate was partly offset by fuel tax benefits taken in the first quarter of 2018 that were not deductible for tax purposes and 2017 benefiting from qualified production property deductions that were not renewed in the U.S. Tax Act.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2018
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial Instruments	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 revolving credit facility bears variable interest rates plus additional basis points based upon covenants related to total indebtedness to earnings. As the revolving credit facility bears a variable interest rate, the carrying value approximates fair value. Using interest rate quotes and discounted cash flows, the Company estimated the fair value of its outstanding capital lease obligations as follows: March 31, 2018 Carrying Value Fair Value Capital leases $ 635 $ 649 The Company's fair value estimates for the above financial instruments are classified within level 3 of the fair value hierarchy.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity During each quarter of 2017 and the first quarter of 2018, our Board of Directors declared a cash dividend of $0.15 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 July 21, 2016, our Board of Directors approved a stock repurchase authorization for up to three million shares of the Company’s common stock. The following table summarizes our share repurchases for the three months ended March 31, 2018 and 2017. Three months ended March 31, 2018 March 31, 2017 Shares repurchased 364,286 204,809 Cost of shares repurchased $ 19,993 $ 9,996 Average cost per share $ 54.88 $ 48.81 As of March 31, 2018, 1,454,379 shares are available to be purchased under the 2016 Plan.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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. We renewed our liability insurance policies on April 1, 2018 and took on additional risk exposure for vehicle liability claims by increasing our self-insurance retention and deductible levels for our LTL and Pool businesses. See “Item 1A - Risk Factors” for additional details related to the risks of our insurance coverage. 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 should 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	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates in four reportable segments based on information available to and used by the chief operating decision maker. Expedited LTL operates a comprehensive national network that provides expedited regional, inter-regional and national LTL services. The TLS segment provides expedited truckload brokerage, dedicated fleet services and high security and temperature-controlled logistics services. The Intermodal segment primarily provides first- and last-mile high value intermodal container drayage services both to and from seaports and railheads. Pool Distribution provides high-frequency handling and distribution of time sensitive product to numerous destinations. Except for certain insurance activity, the accounting policies of the segments are the same as those described in the summary of significant accounting policies disclosed in Note 1 of the Forward Air Corporation Annual Report on Form 10-K for the year ended December 31, 2017 . For workers compensation and vehicle claims each segment is charged an insurance premium and is also charged a deductible that corresponds with our corporate deductibles. However, any losses beyond our deductibles and any loss development factors applied to our outstanding claims as a result of actuarial analysis are not passed to the segments, but reported at the corporate level. Segment data includes intersegment revenues and shared costs. Costs of the corporate headquarters, shared services and shared assets, such as trailers, are allocated to the segments based on usage. The cost basis of shared assets are not allocated. The Company evaluates the performance of its segments based on income from operations. The Company’s business is conducted in the U.S. and Canada. The following tables summarize segment information about results from operations 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 months ended March 31, 2018 and 2017. Three months ended March 31, 2018 Expedited LTL Truckload Premium Pool Distribution Intermodal Eliminations & other Consolidated External revenues $ 168,363 $ 43,161 $ 42,607 $ 48,477 $ — $ 302,608 Intersegment revenues 1,581 2,933 64 91 (4,669 ) — Depreciation and amortization 5,528 1,757 1,804 1,601 — 10,690 Share-based compensation expense 1,675 180 116 290 — 2,261 Interest expense — 1 — 13 357 371 Income from operations 20,773 (43 ) 1,371 3,469 (1,335 ) 24,235 Total assets 634,599 65,263 57,324 150,321 (217,300 ) 690,207 Capital expenditures 6,058 4 78 81 — 6,221 Three months ended March 31, 2017 (As Adjusted) Expedited LTL Truckload Premium Pool Distribution Intermodal Eliminations & other Consolidated External revenues $ 148,179 $ 46,240 $ 38,731 $ 28,896 $ — $ 262,046 Intersegment revenues 586 848 70 11 (1,515 ) — Depreciation and amortization 5,563 1,558 1,802 1,110 — 10,033 Share-based compensation expense 1,645 95 88 134 — 1,962 Interest expense 1 — — 11 270 282 Income (loss) from operations 18,928 1,755 1,367 2,555 (862 ) 23,743 Total assets 634,039 55,523 50,120 132,337 (232,535 ) 639,484 Capital expenditures 2,511 6 83 52 — 2,652

Recent Accounting Pronounceme17

Recent Accounting Pronouncements Recent Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2018
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	We recast certain prior period amounts to conform with the adoption of the revenue recognition standard, as shown in the following tables: Three months ended March 31, 2017 (In thousands, except per share data) As Previously Reported Adjustments As Adjusted Income Statement: Revenue LTL revenue $ 140,598 $ 8,167 $ 148,765 Truckload Premium Services 41,785 5,303 47,088 Pool Distribution 37,823 978 38,801 Intermodal 28,291 616 28,907 Eliminations and other operations (1,515 ) — (1,515 ) Consolidated revenue 246,982 15,064 262,046 Operating Expenses 223,793 14,510 238,303 Income from operations 23,189 554 23,743 Income tax expenses 8,638 216 8,854 Net Income 14,243 338 14,581 Diluted earnings per share $ 0.47 $ 0.01 $ 0.48 December 31, 2017 As Previously Reported Adjustments As Adjusted Balance Sheet: Accounts receivable, net $ 143,041 $ 4,907 $ 147,948 Accounts payable 24,704 6,019 30,723 Deferred income taxes 29,403 (323 ) 29,080 Retained earnings 337,848 (790 ) 337,058

Acquisitions and Goodwill (Tabl

Acquisitions and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2018
Goodwill [Line Items]
Schedule of Purchase Price Allocation [Table Text Block]	The following table presents the allocation of the Atlantic purchase price to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands): Atlantic KCL May 7, 2017 October 22, 2017 Tangible assets: Property and equipment $ 1,821 $ 223 Total tangible assets 1,821 223 Intangible assets: Non-compete agreements 1,150 6 Customer relationships 13,400 234 Goodwill 6,719 277 Total intangible assets 21,269 517 Total assets acquired 23,090 740 Liabilities assumed: Current liabilities 590 100 Total liabilities assumed 590 100 Net assets acquired $ 22,500 $ 640
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]	The acquired definite-lived intangible assets have the following useful lives: Useful Lives Atlantic KCL Customer relationships 15 years 15 years Non-compete agreements 5 years 2 years
Schedule of Goodwill [Table Text Block]	There were no changes to goodwill for the three months ended March 31, 2018 . Approximately $112,527 of goodwill is deductible for tax purposes. The following is a summary of the goodwill balances as of March 31, 2018 . Ending balance, March 31, 2018 Expedited LTL Goodwill $ 97,593 Accumulated Impairment — TLS Goodwill 45,164 Accumulated Impairment (25,686 ) Pool Distribution Goodwill 12,359 Accumulated Impairment (6,953 ) Intermodal Goodwill 69,194 Accumulated Impairment — Total $ 191,671

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 Weighted- Aggregate Non-vested Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at December 31, 2017 227 $ 47 Granted 122 58 Vested (105 ) 56 Forfeited (2 ) 52 Outstanding and non-vested at March 31, 2018 242 $ 52 $ 12,690 Three months ended March 31, March 31, Share-based compensation for non-vested shares $ 1,399 $ 1,246 Tax benefit for non-vested share compensation $ 360 $ 459 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 11,747 $ 10,470 Weighted average period over which unrecognized compensation will be recognized (years) 2.3
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 estimate were as follows: Three months ended March 31, March 31, Expected stock price volatility 24.3 % 24.7 % Weighted average risk-free interest rate 2.2 % 1.4 % The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information: Three months ended March 31, 2018 Weighted- Aggregate Performance Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at December 31, 2017 69 $ 58 Granted 18 72 Forfeited (22 ) $ 67 Outstanding and non-vested at March 31, 2018 65 $ 58 $ 3,795 Three months ended March 31, March 31, Share-based compensation for performance shares $ 335 $ 184 Tax benefit for performance share compensation $ 86 $ 68 Unrecognized compensation cost for performance shares, net of estimated forfeitures $ 2,343 $ 2,612 Weighted average period over which unrecognized compensation will be recognized (years) 2.2
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 March 31, 2018 Weighted- Aggregate Non-vested Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at December 31, 2017 11 $ 52 Granted 1 61 Vested — — Forfeited — $ — Outstanding and non-vested at March 31, 2018 12 $ 52 $ 615 Three months ended March 31, March 31, Share-based compensation for non-vested shares $ 185 $ 169 Tax benefit for non-vested share compensation $ 47 $ 63 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 65 $ 77 Weighted average period over which unrecognized compensation will be recognized (years) 0.1
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 estimate their fair value during the three months ended March 31, 2018 and 2017 were as follows: Three months ended March 31, March 31, Expected dividend yield 1.1 % 1.3 % Expected stock price volatility 24.9 % 28.7 % Weighted average risk-free interest rate 2.6 % 2.0 % Expected life of options (years) 6.0 6.0 Weighted average grant date fair value $ 15 $ 13 The following tables summarize the Company’s employee stock option activity and related information: Three months ended March 31, 2018 Weighted- Weighted- Aggregate Average Average Intrinsic Remaining Options Exercise Value Contractual (000) Price (000) Term Outstanding at December 31, 2017 440 $ 45 Granted 86 59 Exercised — — Forfeited — — Outstanding at March 31, 2018 526 $ 47 $ 3,075 4.5 Exercisable at March 31, 2018 313 $ 44 $ 2,877 3.5 Three months ended March 31, March 31, Share-based compensation for options $ 342 $ 363 Tax benefit for option compensation $ 88 $ 134 Unrecognized compensation cost for options, net of estimated forfeitures $ 2,589 $ 2,683 Weighted average period over which unrecognized compensation will be recognized (years) 2.2

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, March 31, (As Adjusted) Numerator: Net income and comprehensive income $ 17,741 $ 14,581 Income allocated to participating securities (145 ) (122 ) Numerator for basic and diluted income per share - net income $ 17,596 $ 14,459 Denominator (in thousands): Denominator for basic income per share - weighted-average shares 29,375 29,998 Effect of dilutive stock options (in thousands) 70 75 Effect of dilutive performance shares (in thousands) 35 33 Denominator for diluted income per share - adjusted weighted-average shares 29,480 30,106 Basic net income per share $ 0.60 $ 0.48 Diluted net income per share $ 0.60 $ 0.48 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: March 31, March 31, Anti-dilutive stock options (in thousands) 67 282 Anti-dilutive performance shares (in thousands) 11 15 Anti-dilutive non-vested shares and deferred stock units (in thousands) 9 — Total anti-dilutive shares (in thousands) 87 297

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
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: March 31, 2018 Carrying Value Fair Value Capital leases $ 635 $ 649

Shareholders' Equity Shareholde

Shareholders' Equity Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Schedule of Stockholders Equity [Table Text Block]	On July 21, 2016, our Board of Directors approved a stock repurchase authorization for up to three million shares of the Company’s common stock. The following table summarizes our share repurchases for the three months ended March 31, 2018 and 2017. Three months ended March 31, 2018 March 31, 2017 Shares repurchased 364,286 204,809 Cost of shares repurchased $ 19,993 $ 9,996 Average cost per share $ 54.88 $ 48.81

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Summary of segment information	The following tables summarize segment information about results from operations 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 months ended March 31, 2018 and 2017. Three months ended March 31, 2018 Expedited LTL Truckload Premium Pool Distribution Intermodal Eliminations & other Consolidated External revenues $ 168,363 $ 43,161 $ 42,607 $ 48,477 $ — $ 302,608 Intersegment revenues 1,581 2,933 64 91 (4,669 ) — Depreciation and amortization 5,528 1,757 1,804 1,601 — 10,690 Share-based compensation expense 1,675 180 116 290 — 2,261 Interest expense — 1 — 13 357 371 Income from operations 20,773 (43 ) 1,371 3,469 (1,335 ) 24,235 Total assets 634,599 65,263 57,324 150,321 (217,300 ) 690,207 Capital expenditures 6,058 4 78 81 — 6,221 Three months ended March 31, 2017 (As Adjusted) Expedited LTL Truckload Premium Pool Distribution Intermodal Eliminations & other Consolidated External revenues $ 148,179 $ 46,240 $ 38,731 $ 28,896 $ — $ 262,046 Intersegment revenues 586 848 70 11 (1,515 ) — Depreciation and amortization 5,563 1,558 1,802 1,110 — 10,033 Share-based compensation expense 1,645 95 88 134 — 1,962 Interest expense 1 — — 11 270 282 Income (loss) from operations 18,928 1,755 1,367 2,555 (862 ) 23,743 Total assets 634,039 55,523 50,120 132,337 (232,535 ) 639,484 Capital expenditures 2,511 6 83 52 — 2,652

Description of Business and B24

Description of Business and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2018
Number of principal reporting segments	4

Recent Accounting Pronounceme25

Recent Accounting Pronouncements (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)$ / shares	Mar. 31, 2017USD ($)$ / shares	Dec. 31, 2017USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts Receivable, Net, Current	$ 146,191		$ 147,948
Number of principal reporting segments	4
Operating revenue	$ 302,608	$ 262,046
Operating Income (Loss)	24,235	23,743
Income Tax Expense (Benefit)	6,123	8,854
Net income	$ 17,741	$ 14,581
Diluted (in dollars per share) | $ / shares	$ 0.60	$ 0.48
Accounts Payable	$ 30,004		30,723
Deferred income taxes	32,793		29,080
Retained Earnings (Accumulated Deficit)	328,546		337,058
Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts Receivable, Net, Current			147,948
Operating revenue		$ 262,046
Operating Expenses		238,303
Operating Income (Loss)		23,743
Income Tax Expense (Benefit)		8,854
Net income		$ 14,581
Diluted (in dollars per share) | $ / shares		$ 0.48
Accounts Payable			30,723
Deferred income taxes			29,080
Retained Earnings (Accumulated Deficit)			337,058
Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification		$ 14,203
Expedited LTL [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue	168,363	148,179
Operating Income (Loss)	20,773	18,928
Expedited LTL [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue		148,765
Truckload Premium Services [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue		47,088
Pool Distribution [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue	42,607	38,731
Operating Income (Loss)	1,371	1,367
Pool Distribution [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue		38,801
Intermodal [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue	48,477	28,896
Operating Income (Loss)	3,469	2,555
Intermodal [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue		28,907
Elimination [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Income (Loss)	$ (1,335)	(862)
Elimination [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue		(1,515)
Scenario, Previously Reported [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts Receivable, Net, Current			143,041
Operating revenue		246,982
Operating Expenses		223,793
Operating Income (Loss)		23,189
Income Tax Expense (Benefit)		8,638
Net income		$ 14,243
Diluted (in dollars per share) | $ / shares		$ 0.47
Accounts Payable			24,704
Deferred income taxes			29,403
Retained Earnings (Accumulated Deficit)			337,848
Scenario, Previously Reported [Member] | Expedited LTL [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue		$ 140,598
Scenario, Previously Reported [Member] | Truckload Premium Services [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue		41,785
Scenario, Previously Reported [Member] | Pool Distribution [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue		37,823
Scenario, Previously Reported [Member] | Intermodal [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue		28,291
Scenario, Previously Reported [Member] | Elimination [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue		(1,515)
Restatement Adjustment [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts Receivable, Net, Current			4,907
Operating revenue		15,064
Operating Expenses		14,510
Operating Income (Loss)		554
Income Tax Expense (Benefit)		216
Net income		$ 338
Diluted (in dollars per share) | $ / shares		$ 0.01
Accounts Payable			6,019
Deferred income taxes			(323)
Retained Earnings (Accumulated Deficit)			$ (790)
Restatement Adjustment [Member] | Expedited LTL [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue		$ 8,167
Restatement Adjustment [Member] | Truckload Premium Services [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue		5,303
Restatement Adjustment [Member] | Pool Distribution [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue		978
Restatement Adjustment [Member] | Intermodal [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue		616
Restatement Adjustment [Member] | Elimination [Member] | Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenue		$ 0

Acquisitions and Goodwill (Deta

Acquisitions and Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Oct. 22, 2017	May 07, 2017
Segment Reporting Information [Line Items]
Business Acquisition, Goodwill, Expected Tax Deductible Amount	$ 112,527
Carrying value of goodwill	191,671	$ 191,671
Atlantic [Member]
Segment Reporting Information [Line Items]
Business Acquisition, Cash Paid				$ 22,500
Business Combination, Contingent Consideration, Liability				1,000
Carrying value of goodwill				6,719
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				1,821
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Total Tangible Assets				1,821
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				21,269
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets				23,090
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities			$ 100	590
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities			100	590
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Net Total Assets			640	22,500
Expedited LTL [Member]
Segment Reporting Information [Line Items]
Carrying value of goodwill	97,593
Truckload Expedited [Member]
Segment Reporting Information [Line Items]
Carrying value of goodwill	45,164
Goodwill, Impaired, Accumulated Impairment Loss	(25,686)
Pool Distribution [Member]
Segment Reporting Information [Line Items]
Carrying value of goodwill	12,359
Goodwill, Impaired, Accumulated Impairment Loss	(6,953)
Intermodal [Member]
Segment Reporting Information [Line Items]
Carrying value of goodwill	$ 69,194
KCL [Member]
Segment Reporting Information [Line Items]
Business Combination, Contingent Consideration, Liability			100
Carrying value of goodwill			277
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			223
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Total Tangible Assets			223
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			517
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets			740
Noncompete Agreements [Member] | Atlantic [Member]
Segment Reporting Information [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				1,150
Noncompete Agreements [Member] | KCL [Member]
Segment Reporting Information [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	2 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			6
Customer Relationships [Member] | Atlantic [Member]
Segment Reporting Information [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				$ 13,400
Customer Relationships [Member] | KCL [Member]
Segment Reporting Information [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			$ 234

Share-Based Payments - Stock Op

Share-Based Payments - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2,261	$ 1,962
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	342	363
Tax benefit related to share-based expense	88	134
Unrecognized share-based compensation, net of estimated forfeitures	$ 2,589	$ 2,683
Weighted average period over which unrecognized compensation will be recognized (years)	2 years 2 months 11 days
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)	1.10%	1.30%
Expected stock price volatility	24.90%	28.70%
Weighted Average Risk Free Interest Rate	2.60%	2.00%
Expected life of options (in years)	6 years 11 days	6 years 11 days
Weighted-average fair value of options (dollars per share)	$ 15	$ 13
Outstanding, beginning of period (in shares)	440
Granted (in shares)	86
Exercised (in shares)	0
Forfeited (in shares)	0
Outstanding, end of period (in shares)	526
Exercisable, end of period (in shares)	313
Outstanding, beginning of period (in dollars per share)	$ 45
Grants in Period (in dollars per share)	59
Exercises in Period (in dollars per share)	0
Forfeited in period (in dollars per share)	0
Outstanding, end of period (in dollars per share)	47
Exercisable, end of period (in dollars per share)	$ 44
Aggregate Intrinsic Value Outstanding, end of period	$ 3,075
Aggregate Intrinsic Value Exercisable, end of period	$ 2,877
Weighted-average remaining contractual term Outstanding, end of period (in years)	4 years 6 months 11 days
Weighted-average remaining contractual term Exercisable, end of period (in years)	3 years 6 months 11 days

Share-Based Payments - Employee

Share-Based Payments - Employee Activity Non-vested Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2,261	$ 1,962
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)	227
Stock Issued During Period, Shares, Restricted Stock Award, Gross	122
Shares Vested in Period	(105)
Shares Forfeited in Period	(2)
Outstanding and non-vested, end of period (in shares)	242
Outstanding and non-vested, weighted-average grant date fair value, beginning of period	$ 47
Grants in Period, Weighted Average Grant Date Fair Value	58
Vested in Period, Weighed-average grant date fair value	56
Forfeited in period (in dollars per share)	52
Outstanding and non-vested, weighted-average grant date fair value, end of period	$ 52
Outstanding and non-vested, aggregate grant date fair value	$ 12,690
Share-based compensation expense	1,399	1,246
Tax benefit related to share-based expense	360	459
Unrecognized share-based compensation, net of estimated forfeitures	$ 11,747	$ 10,470
Weighted average period over which unrecognized compensation will be recognized (years)	2 years 3 months 11 days

Share-Based Payments - Employ29

Share-Based Payments - Employee Activity Performance Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2,261	$ 1,962
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	25.00%
Percentage of Peer Group By Which Company Share Price Must Outperform Before Maximum Incremental Shares Are Issued	90.00%
Expected Stock Price Volatility Rate	24.30%	24.70%
Weighted Average Risk Free Interest Rate	2.20%	1.40%
Outstanding and non-vested, beginning of period (in shares)	69
Grants in Period	18
Shares Forfeited in Period	(22)
Outstanding and non-vested, end of period (in shares)	65
Outstanding and non-vested, weighted-average grant date fair value, beginning of period	$ 58
Grants in Period, Weighted Average Grant Date Fair Value	72
Forfeited in Period, Weighted Average Grant Date Fair Value	67
Outstanding and non-vested, weighted-average grant date fair value, end of period	$ 58
Outstanding and non-vested, aggregate grant date fair value	$ 3,795
Share-based compensation expense	335	$ 184
Tax benefit related to share-based expense	86	68
Unrecognized share-based compensation, net of estimated forfeitures	$ 2,343	$ 2,612
Weighted average period over which unrecognized compensation will be recognized (years)	2 years 2 months 11 days

Share-Based Payments - Non-empl

Share-Based Payments - Non-employee Director Non-vested Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
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	$ 2,261	$ 1,962
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)	11
Grants in Period	1
Shares Vested in Period	0
Shares Forfeited in Period	0
Outstanding and non-vested, end of period (in shares)	12
Outstanding and non-vested, weighted-average grant date fair value, beginning of period	$ 52
Grants in Period, Weighted Average Grant Date Fair Value	61
Vested in Period, Weighed-average grant date fair value	0
Forfeited in Period, Weighted Average Grant Date Fair Value	0
Outstanding and non-vested, weighted-average grant date fair value, end of period	$ 52
Outstanding and non-vested, aggregate grant date fair value	$ 615
Share-based compensation expense	185	169
Tax benefit related to share-based expense	47	63
Unrecognized share-based compensation, net of estimated forfeitures	$ 65	$ 77
Weighted average period over which unrecognized compensation will be recognized (years)	1 month 11 days

Senior Credit Facility (Details

Senior Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Sep. 29, 2017	Feb. 04, 2015
Debt Instrument [Line Items]
Line of Credit Facility Term, In Years			5
Credit facility amount			$ 250,000	$ 275,000
Additional borrowing capacity of credit facility			100,000
Base reference rate of credit facilities	LIBOR
Interest rate spread above LIBOR as of reporting period (in hundredths)	1.00%
Proceeds from senior credit facility	$ 0	$ 13,000
Letters of Credit Outstanding, Amount	7,932
Available borrowing capacity	101,568
Letter of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases			30,000
Swing line loan [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases			30,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility amount				150,000
Line of Credit Facility, Current Borrowing Capacity			$ 150,000
Debt Instrument, Basis Spread on Variable Rate, Minimum			0.30%
Debt Instrument, Basis Spread on Variable Rate, Maximum			0.80%
Proceeds from senior credit facility	$ 40,500
Line of Credit Facility, Interest Rate at Period End	3.60%
Federal funds [Member]
Debt Instrument [Line Items]
Interest rate spread above LIBOR as of reporting period (in hundredths)	0.50%
Term loan [Member]
Debt Instrument [Line Items]
Credit facility amount				$ 125,000

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share, Basic, Two Class Method [Abstract]
Net income and comprehensive income	$ 17,741	$ 14,581
Income allocated to participating securities	(145)	(122)
Numerator for basic and diluted income per share - net income	$ 17,596	$ 14,459
Denominator for basic income per share - weighted-average shares	29,375	29,998
Denominator for diluted income per share - adjusted weighted-average shares	29,480	30,106
Basic income per share (dollars per share)	$ 0.60	$ 0.48
Diluted income per share (dollars per share)	$ 0.60	$ 0.48
Total number anti-dilutive options, non-vested shares, and performance shares excluded from income per diluted share computation	87	297
Equity Option [Member]
Earnings Per Share, Basic, Two Class Method [Abstract]
Effect of dilutive stock options and non-vested shares	70	75
Total number anti-dilutive options, non-vested shares, and performance shares excluded from income per diluted share computation	67	282
Key Employee Performance Share Based Plan [Member]
Earnings Per Share, Basic, Two Class Method [Abstract]
Effect of dilutive stock options and non-vested shares	35	33
Total number anti-dilutive options, non-vested shares, and performance shares excluded from income per diluted share computation	11	15
Nonvested Shares and Deferred Stock Units [Member]
Earnings Per Share, Basic, Two Class Method [Abstract]
Total number anti-dilutive options, non-vested shares, and performance shares excluded from income per diluted share computation	9	0

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Effective statutory federal income tax rate	21.00%	35.00%
Effective Income Tax Rate, Continuing Operations	25.70%	37.80%

Financial Instruments - Fair Va

Financial Instruments - Fair Value (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
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)	1.00%
Other debt and capital leases	$ 649
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other debt and capital leases	$ 635

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Jul. 21, 2016
Shareholders' Equity [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased						3,000,000
Stock Repurchased and Retired During Period, Shares	364,286				204,809
Stock Repurchased and Retired During Period, In Total Dollars	$ 19,993,000				$ 9,996,000
Stock repurchased, common stock acquired, average cost per share	$ 54.88				$ 48.81
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	1,454,379
Common Stock [Member]
Shareholders' Equity [Line Items]
Dividends per share (in dollars per share)	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Segment Reporting Information [Line Items]
External revenues	$ 302,608	$ 262,046
Depreciation and amortization	10,690	10,033
Share-based compensation expense	2,261	1,962
Interest expense	371	282
Operating Income (Loss)	24,235	23,743
Total assets	690,207	639,484	$ 692,622
Capital expenditures	$ 6,221	2,652
Number of reportable segments	4
Expedited LTL [Member]
Segment Reporting Information [Line Items]
External revenues	$ 168,363	148,179
Intersegment revenues	1,581	586
Depreciation and amortization	5,528	5,563
Share-based compensation expense	1,675	1,645
Interest expense	0	1
Operating Income (Loss)	20,773	18,928
Total assets	634,599	634,039
Capital expenditures	6,058	2,511
Truckload Expedited [Member]
Segment Reporting Information [Line Items]
External revenues	43,161	46,240
Intersegment revenues	2,933	848
Depreciation and amortization	1,757	1,558
Share-based compensation expense	180	95
Interest expense	1
Operating Income (Loss)	(43)	1,755
Total assets	65,263	55,523
Capital expenditures	4	6
Pool Distribution [Member]
Segment Reporting Information [Line Items]
External revenues	42,607	38,731
Intersegment revenues	64	70
Depreciation and amortization	1,804	1,802
Share-based compensation expense	116	88
Operating Income (Loss)	1,371	1,367
Total assets	57,324	50,120
Capital expenditures	78	83
Intermodal [Member]
Segment Reporting Information [Line Items]
External revenues	48,477	28,896
Intersegment revenues	91	11
Depreciation and amortization	1,601	1,110
Share-based compensation expense	290	134
Interest expense	13	11
Operating Income (Loss)	3,469	2,555
Total assets	150,321	132,337
Capital expenditures	81	52
Elimination [Member]
Segment Reporting Information [Line Items]
Intersegment revenues	(4,669)	(1,515)
Interest expense	357	270
Operating Income (Loss)	(1,335)	(862)
Total assets	$ (217,300)	$ (232,535)