Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

In May 2021, at the 2021 Annual Meeting of Stockholders, the Heartland Express, Inc. 2021 Restricted Stock Award Plan (the "Restricted Stock Plan") was approved. The Restricted Stock 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 Restricted Stock Plan has 0.2 million shares that remain available for the purpose of making restricted stock grants at September 30, 2025.

Shares granted in 2023 through 2025 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 $0.2 million and $1.4 million respectively, for the three and nine months ended September 30, 2025. Compensation expense associated with restricted stock awards was $0.1 million and $0.7 million respectively, for the three and nine months ended September 30, 2024. Unrecognized compensation expense was $0.3 million at September 30, 2025 which will be recognized over a weighted average period of 1.2 years.

The following tables summarize our restricted stock award activity for the three and nine months ended September 30, 2025 and 2024.


	Three Months Ended September 30, 2025
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	60.6	$	11.37
Granted	16.0	9.11
Vested	(24.2)	10.30
Forfeited	—	—
Outstanding (unvested) at end of period	52.4	$	11.18


	Three Months Ended September 30, 2024
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	62.5	$	14.85
Granted	26.3	12.97
Vested	(63.8)	14.05
Forfeited	(14.0)	14.81
Outstanding (unvested) at end of period	11.0	$	15.05


	Nine Months Ended September 30, 2025
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	9.5	$	15.08
Granted	141.5	10.17
Vested	(95.8)	10.08
Forfeited	(2.8)	10.96
Outstanding (unvested) at end of period	52.4	$	11.18


	Nine Months Ended September 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	54.2	12.39
Vested	(115.0)	13.67
Forfeited	(14.0)	14.81
Outstanding (unvested) at end of period	11.0	$	15.05