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Note 3 - Stock-based Compensation
 3 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

3. Stock-Based Compensation

 

The Company accounts for its stock-based compensation at fair value. The following table summarizes stock-based compensation expense by financial statement line item for the three months ended  June 30, 2024 and 2023 (in thousands):

 

  

Three Months Ended June 30,

 
  

2024

  

2023

 

Cost of revenues

 $58  $109 

Research and development

  143   156 

Selling, general and administrative

  1,028   1,092 

Total

 $1,229  $1,357 

  

The Company issued 25,000 shares of restricted stock and 19,200 shares of immediately vested common stock during the three months ended June 30, 2024. The Company issued 672,500 shares of restricted stock and 53,675 shares of immediately vested common stock during the three months ended June 30, 2023. These restricted stock awards generally vest over 2-3 years. Awards for restricted stock include both time-based and performance-based awards. For options and restricted stock awards that vest upon the passage of time, expense is being recorded over the vesting period. Performance-based awards are expensed over the requisite service period based on probability of achievement.

 

The estimated fair value of the Company’s stock-based awards, less expected annual forfeitures, is amortized over the awards’ service period. There were no unrecognized compensation costs for unvested stock options as of June 30, 2024. The total unrecognized compensation cost for unvested outstanding restricted stock was $4.1 million as of  June 30, 2024. This expense will be recognized over a weighted-average expense period of approximately 1.4 years.

 

The Company granted no stock options during the three months ended  June 30, 2024 and 2023.