Stock-Based Compensation

9 Months Ended

Sep. 30, 2020

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 made available up to 0.9 million shares for the purpose of making restricted stock grants to our eligible officers and employees. There were no shares that were issued during the period 2011 to 2016 that remain unvested at September 30, 2020. Shares granted in 2017 through 2020 have various vesting terms that range from immediate to four years from the date of grant. Compensation expense associated with these awards is based on the market value of our stock on the grant date. Compensation expense associated with restricted stock awards is included in salaries, wages and benefits in the consolidated statements of comprehensive income. There were no significant assumptions made in determining fair value. Compensation expense associated with restricted stock awards was $0.2 million and $1.5 million respectively, for the three and nine months ended September 30, 2020. Compensation expense associated with restricted stock awards was $0.3 million and $1.6 million respectively, for the three and nine months ended September 30, 2019. Unrecognized compensation expense was $0.3 million at September 30, 2020 which will be recognized over a weighted average period of 0.7 years.

The following tables summarize our restricted stock award activity for the three and nine months ended September 30, 2020 and 2019.


	Three Months Ended September 30, 2020
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	59.3	$	20.87
Granted	—	—
Vested	(21.1)	20.64
Forfeited	—	—
Outstanding (unvested) at end of period	38.2	$	20.99


	Three Months Ended September 30, 2019
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	58.5	$	19.83
Granted	5.0	20.38
Vested	(15.2)	18.60
Forfeited	—	—
Outstanding (unvested) at end of period	48.3	$	20.28


	Nine Months Ended September 30, 2020
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	52.1	$	20.55
Granted	60.2	20.84
Vested	(73.6)	20.59
Forfeited	(0.5)	19.32
Outstanding (unvested) at end of period	38.2	$	20.99


	Nine Months Ended September 30, 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	92.5	19.47
Vested	(70.2)	19.63
Forfeited	(0.5)	17.11
Outstanding (unvested) at end of period	48.3	$	20.28