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Note 7 - Share-based Compensation | 6 Months Ended
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Jun. 30, 2017
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
7. | Share-based Compensation
We recognize compensation expense for share-based payment awards made to our employees, consultants and directors, including stock options and restricted shares awarded under our 2017 Equity and Incentive Compensation Plan (the “2017 EICP”); our 2007 Long-Term Incentive Plan, as amended (the “2007 Incentive Plan”); and our Directors’ Restricted Stock Plan. Currently, there are no outstanding share awards under our Directors’ Restricted Stock Plan. The following table provides information on our share-based compensation expense and related income tax benefit for the three and six -month periods ended June 30, 2017 and 2016 (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Share-based compensation expense, gross |  | $ | 1,434 |  |  | $ | 1,270 |  |  | $ | 2,772 |  |  | $ | 2,556 |
Income tax benefit at our statutory rate associated with share-based compensation |  |  | (559 | ) |  |  | (495 | ) |  |  | (1,081 | ) |  |  | (997 | )
Share-based compensation expense, net |  | $ | 875 |  |  | $ | 775 |  |  | $ | 1,691 |  |  | $ | 1,559 |
The 2017 EICP provides and, until May 2, 2017, the 2007 Incentive Plan provided for the grant of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and performance awards to acquire shares of our Class A common stock or common stock, or other awards based on our performance, to our employees, consultants and non-employee directors. During the six -month period ended June 30, 2017, we granted:
| ● | 307,943 shares of restricted common stock to certain employees, of which 102,648 shares will vest on each of January 31, 2018 and 2019; and 102,647 shares will vest on January 31, 2020.
| ● | 198,220 shares of restricted Class A common stock to an employee, of which 66,073 shares will vest on each of January 31, 2018 and 2019, and 66,074 shares will vest on January 31, 2020.
| ● | 76,856 shares of restricted Class A common stock to our non-employee directors, all of which will vest on January 31, 2018.
During the six -month period ended June 30, 2016, we granted:
| ● | 218,452 shares of restricted common stock to certain employees, of which 72,816 shares vested on January 31, 2017; 72,816 shares will vest on January 31, 2018; and 72,820 shares will vest on January 31, 2019.
| ● | 166,677 shares of restricted Class A common stock to an employee, of which 55,559 shares vested on January 31, 2017 and 55,559 shares will vest on each of January 31, 2018 and 2019.
| ● | 19,048 shares of restricted common stock and 51,935 shares of restricted Class A common stock to certain non-employee directors, all of which vested on January 31, 2017.
A summary of restricted common stock and Class A common stock activity for the six -month periods ended June 30, 2017 and 2016 is as follows:
|  | Six Months Ended |
|  | June 30, 2017 |  |  | June 30, 2016 |
|  |  |  |  |  | Weighted- |  |  |  |  |  |  | Weighted- |
|  |  |  |  |  | average |  |  |  |  |  |  | average |
|  |  |  |  |  | Grant Date |  |  |  |  |  |  | Grant Date |
|  | Number of |  |  | Fair Value |  |  | Number of |  |  | Fair Value |
|  | Shares |  |  | Per Share |  |  | Shares |  |  | Per Share |
Restricted stock - common: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding - beginning of period |  |  | 396,033 |  |  | $ | 12.06 |  |  |  | 337,506 |  |  | $ | 9.57 |
Granted |  |  | 307,943 |  |  | $ | 10.40 |  |  |  | 237,500 |  |  | $ | 12.88 |
Vested |  |  | (200,291 | ) |  | $ | 11.82 |  |  |  | (178,973 | ) |  | $ | 8.46 |
Outstanding - end of period |  |  | 503,685 |  |  | $ | 11.14 |  |  |  | 396,033 |  |  | $ | 12.06 |
Restricted stock - Class A common: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock - beginning of period |  |  | 415,082 |  |  | $ | 10.15 |  |  |  | 374,693 |  |  | $ | 9.46 |
Granted |  |  | 275,076 |  |  | $ | 10.84 |  |  |  | 218,612 |  |  | $ | 11.25 |
Vested |  |  | (227,526 | ) |  | $ | 10.00 |  |  |  | (178,223 | ) |  | $ | 10.04 |
Restricted stock - end of period |  |  | 462,632 |  |  | $ | 10.63 |  |  |  | 415,082 |  |  | $ | 10.15 |
At June 30, 2017 and December 31, 2016, we had 274,746 options to acquire our common stock outstanding, all of which were vested and exercisable. The exercise price of all outstanding stock options is $1.99 per share. As of June 30, 2017 and December 31, 2016, we did not have any options outstanding for our Class A common stock. The aggregate intrinsic value of our outstanding stock options was $3.2 million based on the closing market price of our common stock on June 30, 2017.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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