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Note 8 - Share-based Compensation

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

(8)

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, 2024. The compensation cost charged against income from those plans is included in selling, general & administrative expenses as follows (in thousands):

		Three Months Ended								Six Months Ended
		June 30,								June 30,
Share-based compensation related to:		2025				2024				2025				2024
Common stock grants		$	100			$	100			$	200			$	200
Stock option grants			65				118				173				230
Restricted Stock Unit Awards ("RSUs")			2,120				1,518				4,124				2,819
Total share-based compensation		$	2,285			$	1,736			$	4,497			$	3,249

The total income tax benefit recognized in the condensed consolidated statements of comprehensive income for share-based compensation arrangements was approximately $0.8 million and $2.0 million for the three and six months ended June 30, 2025, respectively, and approximately $0.5 million and $1.5 million for the three and six months ended June 30, 2024.

Common Stock Grants

The compensation expense for common stock granted during the six months ended June 30, 2025, 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 six months ended June 30, 2025:

		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, 2024			73,232			$	67.15
Granted			-				-
Exercised			(9,945	)			37.83
Outstanding at June 30, 2025			63,287			$	71.75				4.52			$	10,961
Exercisable at June 30, 2025			63,287			$	71.75				4.52			$	10,961
Vested and expected to vest at June 30, 2025			63,287			$	71.75				4.52			$	10,961

During the six months ended June 30, 2025 and 2024, 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 $2.2 million and $1.5 million, respectively, and the total amount of consideration received by the Company from the exercised options was approximately $376 thousand and $212 thousand, 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 six months ended June 30, 2025, 748 shares were surrendered at an average market price of $282.42. During the six months ended June 30, 2024, 653 shares were surrendered at an average market price of $162.93.

Restricted Stock Unit awards

The following table summarizes information about RSU activity during the six months ended June 30, 2025:

		Restricted Stock Units				Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024			80,827			$	98.79
Awarded			52,906				259.86
Shares vested			(43,296	)			119.05
Shares forfeited			(1,405	)			136.28
Outstanding at June 30, 2025			89,032			$	163.70

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 six months ended June 30, 2025 and 2024, 18,152 and 21,914 shares were surrendered at an average market price of $215.60 and $216.80, respectively.

As of June 30, 2025, the Company had approximately $13.2 million of unrecognized compensation expense that is expected to be recognized over a period of 2.8 years.