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Note 14 - Stock-based Compensation

12 Months Ended

Dec. 31, 2023

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 ESPP provides that we may issue up to 500,000 shares of our common stock under the plan. Our Fourth Amended 2014 Plan provides that we may grant up to 5,750,000 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, 2023, 47,111 shares remained available for issuance under the ESPP and 2,134,266 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, 2023 and 2022.

Restricted Stock and Restricted Stock Units

During the years ended December 31, 2023 and 2022, we granted 148,546 shares and 105,360 shares of restricted stock and restricted stock units (net of any forfeitures), respectively, with aggregate grant date fair values of $3.7 million and $4.9 million, respectively. We incurred expenses of $3.1 million and $2.6 million during the years ended December 31, 2023 and 2022, 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, 2023, our unamortized deferred compensation costs associated with non-vested restricted stock awards were $3.9 million with a weighted-average remaining amortization period of 2.6 years. No forfeitures have been included in our compensation cost estimates based on historical forfeiture rates.

The table below includes additional information about outstanding restricted stock and restricted stock units:

		Number of Shares				Weighted Average Grant Date Fair Value
Outstanding at December 31, 2022			147,317			$	40.88
Issued			152,446			$	25.26
Vested			(51,638	)		$	33.51
Forfeited			(3,900	)		$	37.51
Outstanding at December 31, 2023			244,225			$	32.75

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 $0.7 million and $1.6 million related to stock option-related compensation costs during the years ended December 31, 2023 and 2022, 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, 2022			802,163			$	12.23
Issued			—			$	—
Exercised			(576,758	)		$	5.90
Expired/Forfeited			(1,999	)		$	15.30
Outstanding at December 31, 2023			223,406			$	28.52				2.2			$	2,502,824
Exercisable at December 31, 2023			178,790			$	26.31				2.1			$	2,366,192

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

		*Year ended December 31,*
			*2023*				*2022*
Weighted average fair value per share of options granted			N/A				N/A
Cash received from options exercised, net		$	3,405			$	3,731
Aggregate intrinsic value of options exercised		$	15,497			$	74,296
Grant date fair value of shares vested		$	1,435			$	1,802

No options were issued during the years ended December 31, 2023 and 2022. We had $0.1 million and $0.8 million of unamortized deferred compensation costs associated with non-vested stock options as of December 31, 2023 and 2022, respectively, with a weighted average remaining amortization period of 0.5 years as of December 31, 2023. Upon exercise of outstanding options, the Company issues new shares.