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Note 6 - Share-based Compensation | 3 Months Ended
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Mar. 31, 2024
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] |
(6) | Share-Based Compensation
Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). The Company issues share-based awards through several plans that are described in detail in the notes to the consolidated financial statements for the year ended December 31, 2023. The compensation cost charged against income for those plans is included in selling, general & administrative expenses as follows (in thousands):
|  | Three Months Ended |
|  | March 31, |
Share-based compensation related to: |  | 2024 |  |  | 2023 |
Common stock grants |  | $ | 100 |  |  | $ | 100 |
Stock option grants |  |  | 113 |  |  |  | 94 |
Restricted Stock Unit Awards ("RSUs") |  |  | 1,300 |  |  |  | 862 |
Total share-based compensation |  | $ | 1,513 |  |  | $ | 1,056 |
The total income tax benefit recognized in the condensed consolidated statements of comprehensive income for share-based compensa‐tion arrangements was approximately $1.1 million and $839 thousand for the three-month periods ended March 31, 2024 and 2023, respectively. Common Stock Grants The compensation expense for common stock granted during the three-month period ended March 31, 2024, was determined based on the market price of the shares on the date of grant. Stock Option Grants The following is a summary of stock option activity under all plans for the three-month period ended March 31, 2024:
|  | Shares Under Options |  |  | Weighted Average Exercise Price (per share) |  |  | Weighted Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2023 |  |  | 78,488 |  |  | $ | 39.98 |  |  |  |  |  |  |  |  |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | (4,480 | ) |  |  | 35.76 |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2024 |  |  | 74,008 |  |  | $ | 58.44 |  |  |  | 5.34 |  |  | $ | 14,340 |
Exercisable at March 31, 2024 |  |  | 65,823 |  |  | $ | 48.22 |  |  |  | 5.18 |  |  | $ | 13,427 |
Vested and expected to vest at March 31, 2024 |  |  | 74,008 |  |  | $ | 58.44 |  |  |  | 5.34 |  |  | $ | 14,340 |
During the three-month periods ended March 31, 2024 and 2023, the total intrinsic value of all options exercised (i.e., the difference between the market price and the price paid by the employees to exercise the options) was approximately $652 thousand and $371 thousand, respectively, and the total amount of consideration received by the Company from the exercised options was approximately $160 thousand and $109, respectively. At its discretion, the Company allows option holders to surrender previously owned common stock in lieu of paying the exercise price and withholding taxes. During the three-month period ended March 31, 2024, 653 shares were surrendered at an average market price of $162.93. During the three-month period ended March 31, 2023, 861 shares were surrendered at an average market price of $127.05. Restricted Stock Unit awards The following table summarizes information about RSU activity during the three-month period ended March 31, 2024:
|  | Restricted Stock Units |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2023 |  |  | 95,693 |  |  | $ | 64.82 |
Awarded |  |  | 35,334 |  |  |  | 171.40 |
Shares vested |  |  | (48,794 | ) |  |  | 76.29 |
Shares forfeited |  |  | (131 | ) |  |  | 171.40 |
Outstanding at March 31, 2024 |  |  | 82,102 |  |  | $ | 85.47 |
At the Company’s discretion, upon vesting, RSU holders are given the option to net-share settle to cover the required minimum withholding tax and the remaining amount is converted into the equivalent number of common shares and issued to the RSU holder. During the three-month periods ended March 31, 2024 and 2023, 21,914 and 20,457 shares were surrendered at an average market price of $216.80 and $117.95, respectively. As of March 31, 2024, the Company had approximately $10.0 million of unrecognized compensation expense that is expected to be recognized over a period of 3 years.

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