Stock-Based Compensation

6 Months Ended

Jun. 30, 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 June 30, 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 0.4 million shares that remain available for the purpose of making restricted stock grants at June 30, 2024.

There were no shares that were granted during the period 2011 to 2021 that remain unvested at June 30, 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 $0.4 million and $0.7 million respectively, for the three and six months ended June 30, 2024. Compensation expense associated with restricted stock awards was $0.2 million and $0.4 million respectively, for the three and six months ended June 30, 2023. Unrecognized compensation expense was $0.1 million at June 30, 2024 which will be recognized over a weighted average period of 0.2 years.

The following tables summarize our restricted stock award activity for the three and six months ended June 30, 2024 and 2023.


	Three Months Ended June 30, 2024
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	73.8	$	14.67
Granted	23.0	11.89
Vested	(34.3)	12.47
Forfeited	—	—
Outstanding (unvested) at end of period	62.5	$	14.85


	Three Months Ended June 30, 2023
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	33.1	$	16.02
Granted	93.3	14.82
Vested	(31.4)	14.86
Forfeited	—	—
Outstanding (unvested) at end of period	95.0	$	15.23


	Six Months Ended June 30, 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	28.0	11.85
Vested	(51.3)	13.20
Forfeited	—	—
Outstanding (unvested) at end of period	62.5	$	14.85


	Six Months Ended June 30, 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	93.3	14.82
Vested	(38.4)	15.06
Forfeited	—	—
Outstanding (unvested) at end of period	95.0	$	15.23