FORWARD AIR CORP — Director's Dealing 2011

Feb 22, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD AIR CORP (FWRD)
CIK: 0000912728
Period of Report: 2011-02-17

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-17	Common Stock	M	24000.0000	$22.8700	Acquired	34533.0000	Direct
2011-02-17	Common Stock	M	12000.0000	$22.4700	Acquired	46533.0000	Direct
2011-02-17	Common Stock	S	100.0000	$31.5000	Disposed	46433.0000	Direct
2011-02-17	Common Stock	S	100.0000	$31.1800	Disposed	46333.0000	Direct
2011-02-17	Common Stock	S	100.0000	$31.0500	Disposed	46233.0000	Direct
2011-02-17	Common Stock	S	100.0000	$31.0400	Disposed	46133.0000	Direct
2011-02-17	Common Stock	S	100.0000	$31.0200	Disposed	46033.0000	Direct
2011-02-17	Common Stock	S	100.0000	$30.7400	Disposed	45933.0000	Direct
2011-02-17	Common Stock	S	100.0000	$30.3100	Disposed	45833.0000	Direct
2011-02-17	Common Stock	S	200.0000	$31.3300	Disposed	45633.0000	Direct
2011-02-17	Common Stock	S	200.0000	$30.8200	Disposed	45433.0000	Direct
2011-02-17	Common Stock	S	300.0000	$30.8000	Disposed	45133.0000	Direct
2011-02-17	Common Stock	S	400.0000	$30.9900	Disposed	44733.0000	Direct
2011-02-17	Common Stock	S	400.0000	$30.8500	Disposed	44333.0000	Direct
2011-02-17	Common Stock	S	512.0000	$30.9000	Disposed	43821.0000	Direct
2011-02-17	Common Stock	S	600.0000	$31.1400	Disposed	43221.0000	Direct
2011-02-17	Common Stock	S	700.0000	$31.1100	Disposed	42521.0000	Direct
2011-02-17	Common Stock	S	700.0000	$31.0300	Disposed	41821.0000	Direct
2011-02-17	Common Stock	S	794.0000	$30.9300	Disposed	41027.0000	Direct
2011-02-17	Common Stock	S	811.9999	$30.5200	Disposed	40215.0000	Direct
2011-02-17	Common Stock	S	1800.0000	$30.9600	Disposed	38415.0000	Direct
2011-02-17	Common Stock	S	2460.0000	$30.9100	Disposed	35955.0000	Direct
2011-02-17	Common Stock	S	2500.0000	$30.9200	Disposed	33455.0000	Direct
2011-02-17	Common Stock	S	3500.0000	$30.5800	Disposed	29955.0000	Direct
2011-02-17	Common Stock	S	7499.0000	$31.0400	Disposed	22456.0000	Direct
2011-02-17	Common Stock	S	7581.0000	$30.9400	Disposed	14875.0000	Direct
2011-02-17	Common Stock	S	12653.0000	$30.9500	Disposed	2222.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-17	Stock Option (Right to Buy)	$22.4700	M	12000.0000	Disposed	2017-02-07	Common Stock (12000.0000)	Direct
2011-02-17	Stock Option (Right to Buy)	$22.8700	M	24000.0000	Disposed	2016-02-08	Common Stock (24000.0000)	Direct

Footnotes

F1: These options vest 33-1/3% each year over a three year period commencing on 2/7/11.

F2: These options vest 33-1/3% each year over a three year period commencing on 2/8/10.