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Note 13 - Stock Based Compensation
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Stock Based Compensation:

 

In April of 2022, the Company, with the approval of shareholders, created the 2022 Equity Incentive Plan (the “2022 Plan”). The 2022 Plan permits the award of up to one million shares to the Company’s directors and employees to attract and retain exceptional personnel, motivate performance and, most importantly, to help align the interests of the Company’s executives with those of the Company’s shareholders. The 2022 Plan replaced the 2017 Plan. There were 82,080 service time based share awards and 102,336 performance based share awards granted under the 2022 Plan during the nine month period ended September 30, 2025, as shown in the table below. The actual number of performance based shares issued will depend on the relative performance of the Company’s average return on equity compared to a group of peer companies over a three year vesting period, ending December 31, 2027. As of September 30, 2025, 363,265 shares are still available to be awarded from the 2022 Plan. The 2017 Plan has been sunset.

 

The restricted stock awards were granted with a fair value price equal to the market price of the Company’s common stock at the date of the grant. Expense recognized was $645,000 and $1.9 million for the three and nine months ended September 30, 2025, respectively. During prior periods, the expense recognized was $668,000 and $2.0 million for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, there was $3.1 million of total unrecognized compensation expense related to the nonvested shares granted under the 2022 Plan. The remaining cost is expected to be recognized over 2.4 years.

 

The following is the activity under the 2017 Plan and the 2022 Plan during the nine month period ended September 30, 2025.

 

  

Maximum

  

Weighted

  

Maximum

  

Weighted

 
  

Awarded

  

Average

  

Awarded

  

Average

 
  

Service

  

Grant Date

  

Performance

  

Grant Date

 
  

Units

  

Fair Value

  

Units

  

Fair Value

 

Beginning balance - non-vested shares

  231,430  $14.35   222,920  $14.57 

Granted

  82,080   13.76   102,336   14.38 

Vested

  (132,833)  14.00   (47,514)  14.06 

Forfeited

  (1,762)  12.44   (8,085)  12.44 

Ending balance - non-vested shares

  178,915  $13.59   269,657  $14.13 

 

The following is the activity under the Plans during the nine month period ended September 30, 2024.

 

  

Maximum

  

Weighted

  

Maximum

  

Weighted

 
  

Awarded

  

Average

  

Awarded

  

Average

 
  

Service

  

Grant Date

  

Performance

  

Grant Date

 
  

Units

  

Fair Value

  

Units

  

Fair Value

 

Beginning balance - non-vested shares

  253,776  $14.97   209,484  $15.01 

Granted

  71,925   12.97   99,253   13.81 

Vested

  (91,256)  12.76   (66,192)  13.79 

Forfeited

  (13,667)  16.35   (19,625)  15.05 

Ending balance - non-vested shares

  220,778  $14.30   222,920  $14.57 

 

The 180,347 shares that vested during the nine month period ended September 30, 2025 had a weighted average fair value of $14.02 per share.