FORWARD AIR CORP — Director's Dealing 2011

Oct 31, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD AIR CORP (FWRD)
CIK: 0000912728
Period of Report: 2011-10-27

Reporting Person: DRUM CRAIG A (Senior Vice President, Sales)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-10-27	Common Stock	M	1606.0000	$28.9733	Acquired	3828.0000	Direct
2011-10-27	Common Stock	S	20.0000	$34.0300	Disposed	3808.0000	Direct
2011-10-27	Common Stock	S	100.0000	$34.0100	Disposed	3708.0000	Direct
2011-10-27	Common Stock	S	500.0000	$34.0200	Disposed	3208.0000	Direct
2011-10-27	Common Stock	S	986.0000	$34.0000	Disposed	2222.0000	Direct
2011-10-28	Common Stock	M	3344.0000	$28.9733	Acquired	5566.0000	Direct
2011-10-28	Common Stock	S	14.0000	$34.0100	Disposed	5552.0000	Direct
2011-10-28	Common Stock	S	19.0000	$34.0400	Disposed	5533.0000	Direct
2011-10-28	Common Stock	S	100.0000	$34.1500	Disposed	5433.0000	Direct
2011-10-28	Common Stock	S	100.0000	$34.1300	Disposed	5333.0000	Direct
2011-10-28	Common Stock	S	100.0000	$34.0900	Disposed	5233.0000	Direct
2011-10-28	Common Stock	S	200.0000	$34.0800	Disposed	5033.0000	Direct
2011-10-28	Common Stock	S	281.0000	$34.0300	Disposed	4752.0000	Direct
2011-10-28	Common Stock	S	341.0000	$34.0600	Disposed	4411.0000	Direct
2011-10-28	Common Stock	S	400.0000	$34.0200	Disposed	4011.0000	Direct
2011-10-28	Common Stock	S	1789.0000	$34.0000	Disposed	2222.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-10-27	Stock Option (Right to Buy)	$28.9733	M	1606.0000	Disposed	2015-02-14	Common Stock (1606.0000)	Direct
2011-10-28	Stock Option (Right to Buy)	$28.9733	M	3344.0000	Disposed	2015-02-14	Common Stock (3344.0000)	Direct

Footnotes

F1: This option vested 25% each year over a four year period commencing on 2/14/06.