FORWARD AIR CORP — Director's Dealing 2011

Nov 10, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD AIR CORP (FWRD)
CIK: 0000912728
Period of Report: 2011-11-08

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-08	Common Stock	M	13300.0000	$28.9733	Acquired	15522.0000	Direct
2011-11-08	Common Stock	S	200.0000	$33.9400	Disposed	15322.0000	Direct
2011-11-08	Common Stock	S	583.0000	$33.9900	Disposed	14739.0000	Direct
2011-11-08	Common Stock	S	600.0000	$34.0000	Disposed	14139.0000	Direct
2011-11-08	Common Stock	S	608.0000	$33.9700	Disposed	13531.0000	Direct
2011-11-08	Common Stock	S	700.0000	$33.9800	Disposed	12831.0000	Direct
2011-11-08	Common Stock	S	778.0000	$33.9100	Disposed	12053.0000	Direct
2011-11-08	Common Stock	S	822.0000	$33.9300	Disposed	11231.0000	Direct
2011-11-08	Common Stock	S	1009.0000	$33.9600	Disposed	10222.0000	Direct
2011-11-08	Common Stock	S	1429.0000	$33.9200	Disposed	8793.0000	Direct
2011-11-08	Common Stock	S	1500.0000	$33.9500	Disposed	7293.0000	Direct
2011-11-08	Common Stock	S	5071.0000	$33.9000	Disposed	2222.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-08	Stock Option (Right to Buy)	$28.9733	M	13300.0000	Disposed	2015-02-14	Common Stock (13300.0000)	Direct

Footnotes

F1: All outstanding stock options granted prior to December 31, 2005 became fully exercisable as a result of the Board's accelerating the vesting of all outstanding stock options awarded to employees, officers and non-employee directors under the Company's stock option award plans.