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Note 14 - Stock-based Compensation
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

14.

Stock-Based Compensation

 

We currently have two stock-based compensation plans, the Second Amended and Restated Employee Stock Purchase Plan (the “ESPP”) and the Fourth Amended and Restated 2014 Equity Incentive Plan (the “Fourth Amended 2014 Plan”). Our Fourth Amended 2014 Plan provides that we may grant options on or shares of our common stock (and other types of equity awards) to members of our Board of Directors, employees, consultants and advisors. The Fourth Amended 2014 Plan was approved by our shareholders in May 2019. As of December 31, 2022, 51,041 shares remained available for issuance under the ESPP and 2,085,158 shares remained available for issuance under the Fourth Amended 2014 Plan.

 

Exercises and vestings under our stock-based compensation plans resulted in no income tax-related charges to paid-in capital during the years ended December 31, 2022 and 2021.

 

Restricted Stock and Restricted Stock Units

 

During the years ended December 31, 2022, 2021 and 2020, we granted 105,360 shares, 49,988 shares and 61,373 shares of restricted stock and restricted stock units (net of any forfeitures), respectively, with aggregate grant date fair values of $4.9 million, $1.7 million and $0.6 million, respectively. We incurred expenses of $2.6 million, $1.2 million and $0.8 million during the years ended December 31, 2022, 2021 and 2020, respectively, related to restricted stock awards. When we grant restricted stock and restricted stock units, we defer the grant date value of the restricted stock and restricted stock unit and amortize that value (net of the value of anticipated forfeitures) as compensation expense with an offsetting entry to the paid-in capital component of our consolidated shareholders’ equity. Our restricted stock awards typically vest over a range of 12 to 60 months (or other term as specified in the grant which may include the achievement of performance measures) and are amortized to salaries and benefits expense ratably over applicable vesting periods. As of December 31, 2022, our unamortized deferred compensation costs associated with non-vested restricted stock awards were $3.3 million with a weighted-average remaining amortization period of 2.8 years. No forfeitures have been included in our compensation cost estimates based on historical forfeiture rates.

 

Stock Options

 

The exercise price per share of the options awarded under the Fourth Amended 2014 Plan must be equal to or greater than the market price on the date the option is granted. The option period may not exceed 10 years from the date of grant. We had expense of $1.6 million, $2.0 million and $0.5 million related to stock option-related compensation costs during the years ended December 31, 2022, 2021 and 2020, respectively. When applicable, we recognize stock option-related compensation expense for any awards with graded vesting on a straight-line basis over the vesting period for the entire award. The table below includes additional information about outstanding options:

 

  

Number of Shares

  

Weighted-Average Exercise Price

  

Weighted-Average of Remaining Contractual Life (in years)

  

Aggregate Intrinsic Value

 

Outstanding at December 31, 2021

  2,017,969  $6.74         

Issued

  —  $—         

Exercised

  (1,211,141) $3.08         

Expired/Forfeited

  (4,665) $15.30         

Outstanding at December 31, 2022

  802,163  $12.23   1.6  $12,704,473 

Exercisable at December 31, 2022

  673,137  $8.71   1.2  $12,270,696 

 

Information on stock options granted, exercised and vested is as follows (in thousands, except per share data):

 

  

Year ended December 31,

 
   2022   2021 

Weighted average fair value per share of options granted

  N/A  $24.00 

Cash received from options exercised, net

 $3,731  $1,885 

Aggregate intrinsic value of options exercised

 $74,296  $13,673 

Grant date fair value of shares vested

 $1,802  $834 

 

Options issued during the years ended December 31, 2021 and 2020 had aggregate grant-date fair values of $3.1 million and $1.4 million, respectively. No options were issued during the year ended December 31, 2022. We had $0.8 million and $2.4 million of unamortized deferred compensation costs associated with non-vested stock options as of December 31, 2022 and December 31, 2021, respectively, with a weighted average remaining amortization period of 1.1 years as of December 31, 2022. Upon exercise of outstanding options, the Company issues new shares.