Stock-Based Compensation

3 Months Ended

Mar. 31, 2019

Stock-Based Compensation

In July 2011, a Special Meeting of Stockholders of Heartland Express, Inc. was held, at which meeting the approval of the Heartland Express, Inc. 2011 Restricted Stock Award Plan (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. Shares granted in 2014 through 2019 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. The Company's market close price ranged between $21.72 and $27.47 on the various grant dates during 2014, ranged between $19.93 and $27.29 on the various grant dates during 2015, ranged between $17.06 and $18.78 on the various grant dates during 2016, ranged between $20.53 and $23.37 on the various grant dates during 2017, and ranged between $18.12 and $19.03 on the various grant dates during 2018. The Company's market close price was $20.04 for the grant date during the three months ended March 31, 2019. 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 $0.3 million and $0.1 million respectively, for the three months ended March 31, 2019 and 2018. Unrecognized compensation expense was $0.1 million at March 31, 2019 which will be recognized over a weighted average period of 0.9 year.

The following tables summarize our restricted stock award activity for the three months ended March 31, 2019 and 2018.



	Three Months Ended March 31, 2019
	Number of Shares of Restricted Stock Awards (in thousands)		Weighted Average Grant Date Fair Value
Unvested at beginning of period	26.5		$	21.31
Granted	12.5		20.04
Vested	(18.5	)	21.09
Forfeited	(0.5	)	17.11
Outstanding (unvested) at end of period	20.0		$	20.82



	Three Months Ended March 31, 2018
	Number of Shares of Restricted Stock Awards (in thousands)		Weighted Average Grant Date Fair Value
Unvested at beginning of period	53.7		$	21.82
Granted	—		—
Vested	(13.5	)	24.86
Forfeited	—		—
Outstanding (unvested) at end of period	40.2		$	20.79