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Note 12 - Stock-based Compensation | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] |
12. | Stock-Based Compensation
We currently have two stock-based compensation plans, the Third 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 equity awards representing up to 5,750,000 shares of our common stock 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 September 30, 2024, 43,361 shares remained available for issuance under the ESPP and 1,947,592 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 three and nine months ended September 30, 2024 and 2023. Restricted Stock and Restricted Stock Units During the three months ended September 30, 2024 and 2023, we had forfeitures (net of grants) of 583 shares and 840 shares of restricted stock and restricted stock units, respectively, with aggregate grant date fair values $0 for both periods. For the nine months ended September 30, 2024 and 2023, we had grants (net of forfeitures) of 209,053 shares and 145,167 shares of restricted stock and restricted stock units, respectively, with aggregate grant date fair values of $6.5 million and $3.6 million, respectively. We incurred expenses of $1.0 million, $2.8 million, $0.8 million and $2.3 million during the three and nine months ended September 30, 2024 and 2023, 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 condensed 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 September 30, 2024, our unamortized deferred compensation costs associated with non-vested restricted stock awards were $7.5 million with a weighted-average remaining amortization period of 3.5 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, 2023 |  |  | 244,225 |  |  | $ | 32.75 |
Issued |  |  | 213,921 |  |  | $ | 30.99 |
Vested |  |  | (69,187 | ) |  | $ | 33.70 |
Forfeited |  |  | (4,868 | ) |  | $ | 32.70 |
Outstanding at September 30, 2024 |  |  | 384,091 |  |  | $ | 31.60 |
Stock Options The exercise price per share of each option 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 million, $0.1 million, $0.1 million and $0.6 million related to stock option-related compensation costs during the three and nine months ended September 30, 2024 and 2023, 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, 2023 |  |  | 223,406 |  |  | $ | 28.52 |  |  |  |  |  |  |  |  |
Issued |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Exercised |  |  | (4,675 | ) |  | $ | 15.30 |  |  |  |  |  |  |  |  |
Expired/Forfeited |  |  | (2,000 | ) |  | $ | 15.30 |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2024 |  |  | 216,731 |  |  | $ | 28.93 |  |  |  | 1.4 |  |  | $ | 1,851,836 |
Exercisable at September 30, 2024 |  |  | 216,731 |  |  | $ | 28.93 |  |  |  | 1.4 |  |  | $ | 1,851,836 |
No options were issued during the three and nine months ended September 30, 2024 and 2023. We had $0 million and $0.1 million of unamortized deferred compensation costs associated with non-vested stock options as of September 30, 2024 and December 31, 2023, respectively, with a weighted average remaining amortization period of 0 years as of September 30, 2024. Upon exercise of outstanding options, the Company issues new shares.

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