Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [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 Heartland Express, Inc. 2011 Restricted Stock Award Plan (the "2011 Plan") was ratified. The 2011 Plan made available up to 0.9 million shares for the purpose of making restricted stock grants to our eligible officers and employees. In May 2021, at the 2021 Annual Meeting of Stockholders, the Heartland Express, Inc. 2021 Restricted Stock Award Plan (the "2021 Plan") was approved. The 2021 Plan made available up to 0.6 million shares for the purpose of making restricted stock grants to our eligible employees, directors and consultants. All shares granted and vested during the three and six months ended June 30, 2022, as well as shares that remain unvested at June 30, 2022, were issued from the 2011 plan.

There were no shares that were issued during the period 2011 to 2018 that remain unvested at June 30, 2022. Shares granted in 2019 through 2022 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 $0.1 million and $0.3 million respectively, for the three and six months ended June 30, 2022. Compensation expense associated with restricted stock awards was $0.2 million and $0.8 million respectively, for the three and six months ended June 30, 2021. Unrecognized compensation expense was $0.2 million at June 30, 2022 which will be recognized over a weighted average period of 0.8 years.

The following tables summarize our restricted stock award activity for the three and six months ended June 30, 2022 and 2021.

	Three Months Ended June 30, 2022
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	27.0	$	17.37
Granted	3.0	14.79
Vested	(5.0)	16.60
Forfeited	—	—
Outstanding (unvested) at end of period	25.0	$	17.21

	Three Months Ended June 30, 2021
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	53.7	$	19.95
Granted	—	—
Vested	(9.5)	20.52
Forfeited	—	—
Outstanding (unvested) at end of period	44.2	$	19.83

	Six Months Ended June 30, 2022
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	14.0	$	19.70
Granted	28.0	15.13
Vested	(17.0)	15.83
Forfeited	—	—
Outstanding (unvested) at end of period	25.0	$	17.21

	Six Months Ended June 30, 2021
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	59.7	$	20.29
Granted	19.3	18.69
Vested	(34.8)	19.98
Forfeited	—	—
Outstanding (unvested) at end of period	44.2	$	19.83