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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2015
Stock-Based Compensation [Abstract]  
Stock Based Compensation
Stock-Based Compensation

In July 2011, a Special Meeting of Stockholders of Heartland Express, Inc. was held, at which meeting the approval of the Plan was ratified. The Plan is administered by the Compensation Committee of our Board of Directors. Per the terms of the awards, employees receiving awards will have all of the rights of a stockholder with respect to the unvested restricted shares including, but not limited to, the right to receive such cash dividends, if any, as may be declared on such shares from time to time and the right to vote such shares at any meeting of our stockholders.

The Plan made available up to 0.9 million shares for the purpose of making restricted stock grants to our eligible officers and employees. As of September 30, 2015, there were 0.4 million shares that had been granted to employees. The shares granted under the Plan during 2011 are service based awards beginning December 14, 2011 and 20% of the awards vest each June 1st through 2016. There were no shares granted in 2012. The shares granted in 2013 through 2015 have various vesting terms that range from immediate to four years from the date of grant. Once vested, there are no other restrictions on the awards. Compensation expense associated with these awards is based on the market value of our stock on the grant date. Our market closing price on the December 14, 2011 grant date was $13.57 and ranged between $13.86 and $27.47 on the various grant dates for the shares issued in 2013 through September 30, 2015. There were no significant assumptions made in determining the fair value. Compensation expense associated with restricted stock awards is included in salaries, wages and benefits in the consolidated statements of comprehensive income. Compensation expense associated with restricted stock awards was $0.4 million and $1.0 million for the three and nine months ended September 30, 2015, respectively. Compensation expense associated with restricted stock awards was $0.1 million and $0.7 million for the three and nine months ended September 30, 2014. Unrecognized compensation expense was $0.7 million at September 30, 2015 which will be recognized over a remaining weighted average period of 1.2 years.

The following tables summarize our restricted stock award activity for the three and nine months ended September 30, 2015 and 2014.
 
Three Months Ended September 30, 2015
 
Number of Shares of Restricted Stock Awards (in thousands)
 
Weighted Average Grant Date Fair Value
Unvested at beginning of period
104.6

 
$
18.04

Granted
11.2

 
19.94

Vested
(13.2
)
 
18.97

Forfeited
—

 
—

Outstanding (unvested) at end of period
102.6

 
$
18.13


 
Nine Months Ended September 30, 2015
 
Number of Shares of Restricted Stock Awards (in thousands)
 
Weighted Average Grant Date Fair Value
Unvested at beginning of period
183.1

 
$
16.78

Granted
15.4

 
21.07

Vested
(95.9
)
 
16.25

Forfeited
—

 
—

Outstanding (unvested) at end of period
102.6

 
$
18.13


 
Three Months Ended September 30, 2014
 
Number of Shares of Restricted Stock Awards (in thousands)
 
Weighted Average Grant Date Fair Value
Unvested at beginning of period
147.4

 
$
14.16

Granted
2.0

 
22.19

Vested
(1.0
)
 
—

Forfeited
(4.2
)
 
13.57

Outstanding (unvested) at end of period
144.2

 
$
14.21


 
Nine Months Ended September 30, 2014
 
Number of Shares of Restricted Stock Awards (in thousands)
 
Weighted Average Grant Date Fair Value
Unvested at beginning of period
211.6

 
$
13.81

Granted
10.5

 
22.04

Vested
(73.7
)
 
—

Forfeited
(4.2
)
 
13.57

Outstanding (unvested) at end of period
144.2

 
$
14.21