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Note 14 - Share-based Compensation | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] |
14. | SHARE-BASED COMPENSATION
The Company has an equity compensation program (the "Program") which provides for the granting of "Incentive Stock Options" within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, non-qualified stock options and restricted stock awards. The Company believes that such awards better align the interest of its employees with those of its shareholders. The 2011 Equity Compensation Plan provides for the issuance of 1.4 million shares of the Company's Class B common stock. At December 31, 2019 , 323,850 shares remained available for future issuance under the 2011 Equity Compensation Plan. The Company records compensation expense in its consolidated statements of operations related to employee stock-based options and awards. The aggregate pretax compensation cost recognized for stock-based compensation amounted to approximately $2.9 million and $2.8 million for 2019 and 2018 , respectively, and related solely to restricted stock awards. The Company did not use any cash to settle any equity instruments granted under share-based arrangements during 2019 and 2018 . At December 31, 2019 and 2018 , the only instruments issued and outstanding under the Program related to restricted stock awards. Restricted Stock Awards The Company provides common stock awards to certain officers, directors and key employees. The Company grants these awards, at its discretion, from the shares available under the Program. Unless otherwise provided at the date of grant or unless subsequently accelerated, the shares awarded are typically earned in 25% increments on the second, third, fourth and fifth anniversaries of the award and are distributed provided the employee has remained employed by the Company through such anniversary dates; otherwise the unearned shares are forfeited. The market value of these shares at the date of award is recorded as compensation expense on the straight-line method over the applicable vesting period from the respective award dates, as adjusted for forfeitures of unvested awards. During 2019 and 2018 , the Company issued 70,000 shares and 262,000 shares of the Company's Class B common stock, respectively, under a restricted stock plan to various officers, directors and employees. A summary of the restricted stock activity under the Program for the year ended December 31, 2019 is presented below:
|  |  |  |  |  |  |  |  |  | Weighted Average |
Restricted Stock |  |  |  |  |  | Weighted Average |  |  | Remaining |
Awards |  | Shares |  |  | Award Price |  |  | Contractual Term (Years) |
Outstanding at January 1, 2019 |  |  | 527,900 |  |  | $ | 24.37 |  |  |  | 3.5 years |
Granted |  |  | 70,000 |  |  |  | 20.80 |  |  |  |  |
Vested |  |  | 117,850 |  |  |  | 23.58 |  |  |  |  |
Forfeited |  |  | 34,750 |  |  |  | 25.06 |  |  |  |  |
Outstanding at December 31, 2019 |  |  | 445,300 |  |  | $ | 23.96 |  |  |  | 3.4 years |
As of December 31, 2019 , there was $6.8 million of total pretax unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under the restricted stock award plan. That cost is expected to be recognized over a period of 4.4 years. This expense is recorded in cost of sales and SG&A expense based upon the employment classification of the award recipients. The Company's policy is to issue new shares to satisfy restricted stock awards. Currently the Company believes that the majority of its restricted stock awards will vest.

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