Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

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. The 2011 Plan has no shares that remain available for the purpose of making restricted stock grants at March 31, 2024. 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. The 2021 Plan has 0.5 million shares that remain available for the purpose of making restricted stock grants at March 31, 2024.

There were no shares that were granted during the period 2011 to 2021 that remain unvested at March 31, 2024. Shares granted in 2022 through 2024 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 to employees is included in salaries, wages, and benefits, while expense associated with awards to directors or consultants is included in other operating expenses in the consolidated statements of comprehensive income (loss). There were no significant assumptions made in determining fair value. Compensation expense associated with restricted stock awards was $0.3 million and $0.2 million for the three months ended March 31, 2024 and March 31, 2023, respectively. Unrecognized compensation expense was $0.2 million at March 31, 2024 which will be recognized over a weighted average period of 0.4 years.

The following tables summarize our restricted stock award activity for the three months ended March 31, 2024 and 2023.


	Three Months Ended March 31, 2024
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	85.8	$	14.84
Granted	5.0	11.65
Vested	(17.0)	14.67
Forfeited	—	—
Outstanding (unvested) at end of period	73.8	$	14.67


	Three Months Ended March 31, 2023
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	40.1	$	16.01
Granted	—	—
Vested	(7.0)	15.95
Forfeited	—	—
Outstanding (unvested) at end of period	33.1	$	16.02