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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
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. The 2011 Plan has no shares that remain available for the purpose of making restricted stock grants but certain shares granted between 2020 and 2022 remain unvested at September 30, 2023. 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 September 30, 2023. There were no shares that were issued during the period 2011 to 2019 that remain unvested at September 30, 2023. Shares granted in 2020 through 2023 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 (loss). There were no significant assumptions made in determining fair value. Compensation expense associated with restricted stock awards was $0.5 million and $0.9 million respectively, for the three and nine months ended September 30, 2023. Compensation expense associated with restricted stock awards was $0.2 million and $0.5 million respectively, for the three and nine months ended September 30, 2022. Unrecognized compensation expense was $0.8 million at September 30, 2023 which will be recognized over a weighted average period of 0.6 years. The following tables summarize our restricted stock award activity for the three and nine months ended September 30, 2023 and 2022.
| Three Months Ended September 30, 2023
| Number of Shares of Restricted Stock Awards (in thousands) |  | Weighted Average Grant Date Fair Value
Unvested at beginning of period | 95.0 |  |  | $ | 15.23 |
Granted | — |  |  | — |
Vested | (15.0) |  |  | 15.17 |
Forfeited | — |  |  | — |
Outstanding (unvested) at end of period | 80.0 |  |  | $ | 15.24 |
| Three Months Ended September 30, 2022
| Number of Shares of Restricted Stock Awards (in thousands) |  | Weighted Average Grant Date Fair Value
Unvested at beginning of period | 25.0 |  |  | $ | 17.21 |
Granted | 22.3 |  |  | 15.76 |
Vested | (2.8) |  |  | 15.30 |
Forfeited | — |  |  | — |
Outstanding (unvested) at end of period | 44.5 |  |  | $ | 16.60 |
| Nine Months Ended September 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 | (53.4) |  |  | 15.09 |
Forfeited | — |  |  | — |
Outstanding (unvested) at end of period | 80.0 |  |  | $ | 15.24 |
| Nine Months Ended September 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 | 50.3 |  |  | 15.41 |
Vested | (19.8) |  |  | 15.76 |
Forfeited | — |  |  | — |
Outstanding (unvested) at end of period | 44.5 |  |  | $ | 16.60 |

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