A three-terminal laser structure is proposed as a means to achieve laser modulation using dynamic carrier heating. The injection of hot electrons, with energy tuned by variable joule heating over a high electric field region, is used to govern the carrier temperature in the active layer of a laser, while a separate heterojunction controls the injection rate. Simulations show the possibility of generating good-shaped picosecond optical pulses by modulating the voltage that controls the heating electric field.