FORWARD AIR CORP — Director's Dealing 2011

Apr 28, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD AIR CORP (FWRD)
CIK: 0000912728
Period of Report: 2011-04-26

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-26	Common Stock	M	27239.0000	$28.9733	Acquired	29461.0000	Direct
2011-04-26	Common Stock	S	30.0000	$34.1300	Disposed	29431.0000	Direct
2011-04-26	Common Stock	S	100.0000	$34.0600	Disposed	29331.0000	Direct
2011-04-26	Common Stock	S	100.0000	$34.0500	Disposed	29231.0000	Direct
2011-04-26	Common Stock	S	200.0000	$34.0900	Disposed	29031.0000	Direct
2011-04-26	Common Stock	S	200.0000	$34.0800	Disposed	28831.0000	Direct
2011-04-26	Common Stock	S	300.0000	$34.0400	Disposed	28531.0000	Direct
2011-04-26	Common Stock	S	810.0000	$34.0300	Disposed	27721.0000	Direct
2011-04-26	Common Stock	S	848.0000	$34.0100	Disposed	26873.0000	Direct
2011-04-26	Common Stock	S	961.0000	$34.1200	Disposed	25912.0000	Direct
2011-04-26	Common Stock	S	1079.0000	$34.1000	Disposed	24833.0000	Direct
2011-04-26	Common Stock	S	1511.0000	$34.1100	Disposed	23322.0000	Direct
2011-04-26	Common Stock	S	2850.0000	$34.0200	Disposed	20472.0000	Direct
2011-04-26	Common Stock	S	18250.0000	$34.0000	Disposed	2222.0000	Direct
2011-04-27	Common Stock	M	561.0000	$28.9733	Acquired	2783.0000	Direct
2011-04-27	Common Stock	S	100.0000	$34.0300	Disposed	2683.0000	Direct
2011-04-27	Common Stock	S	461.0000	$34.0000	Disposed	2222.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-26	Stock Option (Right to Buy)	$28.9733	M	27239.0000	Disposed	2015-02-14	Common Stock (27239.0000)	Direct
2011-04-27	Stock Option (Right to Buy)	$28.9733	M	561.0000	Disposed	2015-02-14	Common Stock (561.0000)	Direct

Footnotes

F1: These options vest 33-1/3% each year over a three year period commencing on 2/14/06.