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Note 13 - Stock-based Compensation | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | Note 13 – Stock–Based Compensation NHC recognizes stock–based compensation expense for all stock options granted over the requisite service period using the fair value at the date of grant using the Black–Scholes pricing model. Stock–based compensation totaled $1,239,000 and $1,093,000 for the three months ended September 30, 2025 and 2024, respectively. Stock-based compensation totaled $3,499,000 and $3,062,000 for the nine months ended September 30, 2025 and 2024, respectively. Stock–based compensation is included in “Salaries, wages and benefits” in the interim condensed consolidated statements of operations. At September 30, 2025, the Company had $7,185,000 of unrecognized compensation cost related to unvested stock–based compensation awards. This unrecognized compensation cost will be amortized over an approximate two-year period. Stock Options The following table summarizes the significant assumptions used to value the options granted for the nine months ended September 30, 2025 and for the year ended December 31, 2024.
|  | September 30, 2025 |  |  | December 31, 2024 |
Risk–free interest rate |  |  | 4.13% |  |  |  | 4.40% |
Expected volatility |  |  | 27.0% |  |  |  | 24.1% |
Expected life, in years |  |  | 2.9 |  |  |  | 2.9 |
Expected dividend yield |  |  | 2.80% |  |  |  | 2.63% |
The following table summarizes our outstanding stock options for the nine months ended September 30, 2025 and for the year ended December 31, 2024.
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |
Options outstanding at January 1, 2024 |  |  | 588,534 |  |  | $ | 61.30 |  |  | $ | – |
Options granted |  |  | 297,783 |  |  |  | 94.42 |  |  |  | – |
Options exercised |  |  | (219,973 | ) |  |  | 64.73 |  |  |  | – |
Options cancelled |  |  | (35,102 | ) |  |  | 79.20 |  |  |  | – |
Options outstanding at December 31, 2024 |  |  | 631,242 |  |  |  | 74.73 |  |  |  | – |
Options granted |  |  | 306,800 |  |  |  | 91.45 |  |  |  | – |
Options exercised |  |  | (142,364 | ) |  |  | 65.99 |  |  |  | – |
Options cancelled |  |  | (6,333 | ) |  |  | 78.77 |  |  |  | – |
Options outstanding at September 30, 2025 |  |  | 789,345 |  |  | $ | 82.78 |  |  | $ | 30,575,000 |
Options exercisable at September 30, 2025 |  |  | 265,750 |  |  | $ | 73.96 |  |  | $ | 12,636,000 |
Options Outstanding September 30, 2025 |  |  | Exercise Prices |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life in Years |
236,279 |  |  |  | $53.94 | - | $71.64 |  |  |  | $59.34 |  |  |  | 2.1 |
553,066 |  |  |  | $90.62 | - | $106.48 |  |  |  | 92.79 |  |  |  | 4.0 |
789,345 |  |  |  |  |  |  |  |  |  | $82.78 |  |  |  | 3.4 |

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