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Note 11 - Stock Compensation Plans | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | 11. Stock Compensation Plans The Company’s 2010 Stock Incentive Plan (the “2010 Plan”) was initially adopted in May 2010. The 2010 Plan provided for the issuance of stock options, restricted stock and unrestricted stock with respect to an aggregate of 2,000,000 shares of the Company’s common stock to employees, consultants and outside directors of the Company. On May 17, 2011, the 2010 Plan was amended to provide for the issuance of RSUs and on February 2, 2012, the 2010 Plan was amended to provide for the issuance of stock-settled stock appreciation rights ("SSARs"). Effective April 25, 2012 and May 23, 2017, the 2010 Plan was amended to increase the maximum number of shares of common stock available for issuance to an aggregate of 4,500,000 shares and 8,500,000 shares, respectively. The vesting period for awards granted under the 2010 Plan is determined by the Compensation Committee of the Board of Directors. The Compensation Committee also determines the expiration date of each equity award; however, stock options may not be exercisable more than ten years after the date of grant as the maximum term of equity awards issued under the 2010 Plan is ten years. For the years ended December 31, 2021, 2020 and 2019, the Company recorded stock-based compensation expense, including stock options and RSUs, of approximately $1.3 million, $1.4 million and $2.1 million, respectively. Stock Options Stock option awards provide holders the right to purchase shares of Common Stock at prices determined by the Compensation Committee, at the time of grant, and must have an exercise price equal to or in excess of the fair market value of the Company’s common stock at the date of grant. The fair value of options granted is estimated at the date of grant. Expected volatility has been estimated using a combination of the historical volatility of the Company's common stock and the historical volatility of a group of comparable companies’ common stock, both using historical periods equivalent to the options’ expected lives. The expected dividend yield assumption is based on the Company’s intent not to issue a dividend in the foreseeable future. The risk-free interest rate assumption is based upon observed interest rates for securities with maturities approximating the options’ expected lives. The expected life was estimated based on historical experience and expectation of employee exercise behavior in the future giving consideration to the contractual terms of the award. A summary of the Company’s stock option activity is as follows:
|  |  |  |  |  | Weighted |  |  | Weighted |  |  | Aggregate |
|  |  |  |  |  | Average |  |  | Average |  |  | Intrinsic |
|  | Number of |  |  | Exercise |  |  | Remaining Life |  |  | Value |
|  | Options |  |  | Price |  |  | (in years) |  |  | (in thousands) |
Outstanding at January 1, 2021 |  |  | 253,000 |  |  | $ | 9.78 |  |  |  |  |  |  |  |  |
Granted |  |  | 50,000 |  |  |  | 6.57 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Canceled/Expired |  |  | (153,000 | ) |  |  | 12.53 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 150,000 |  |  | $ | 5.90 |  |  |  | 8.18 |  |  | $ | 243,000 |
Vested at December 31, 2021 |  |  | 150,000 |  |  | $ | 5.90 |  |  |  | 8.18 |  |  | $ | 243,000 |
Exercisable at December 31, 2021 |  |  | 150,000 |  |  | $ | 5.90 |  |  |  | 8.18 |  |  | $ | 243,000 |
As of December 31, 2021, there is no remaining unrecognized stock-based compensation cost related to stock options expected to be recognized. The total fair value of stock options which vested during the years ended December 31, 2021 and 2020 was approximately $258,000 and $383,000, respectively. There were no stock options exercised during the year ended December 31, 2021. The total intrinsic value of stock options exercised was approximately $87,000 and $76,000 for the years ended December 31, 2020 and December 31, 2019, respectively. The intrinsic value represents the amount by which the market price of the underlying stock exceeds the exercise price of an option. Restricted Stock Awards/Restricted Stock Units RSUs awarded to employees vest in equal annual installments over a two or three-year period and RSUs awarded to directors of the Company vest over a one-year period. A summary of the Company’s RSU activity is as follows:
|  |  |  |  |  | Weighted |
|  |  |  |  |  | Average |
|  | Number of |  |  | Grant-Date |
|  | RSUs |  |  | Fair Value |
Outstanding at January 1, 2021 |  |  | 167,416 |  |  | $ | 5.86 |
Granted (1) |  |  | 324,793 |  |  |  | 6.95 |
Vested and released |  |  | (162,876 | ) |  |  | 5.82 |
Canceled/Expired |  |  | — |  |  |  | — |
Outstanding at December 31, 2021 (1) |  |  | 329,333 |  |  | $ | 6.95 |
(1) includes 54,792 awards which are expected to be settled in cash. As of December 31, 2021, $1.4 million of total remaining unrecognized stock-based compensation cost related to RSUs is expected to be recognized over the weighted-average remaining requisite service period of 0.9 years. The weighted average fair value at the date of grant for restricted stock awards granted during the years ended December 31, 2021, 2020 and 2019 was $6.95, $5.95 and $5.84 per share, respectively. Based on the grant date, the total fair value of restricted stock and restricted stock units vested and released during the years ended December 31, 2021, 2020 and 2019 was approximately $0.9 million, $1.0 million and $1.6 million, respectively.

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