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Note 3 - Stock-based Compensation | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] |
3. | STOCK-BASED COMPENSATION
Our Third Amended and Restated 2006 Omnibus Incentive Plan, as amended (the "Incentive Plan") governs the issuance of equity awards and other incentive compensation to management and members of the board of directors. On May 8, 2019, the stockholders, upon recommendation of the board of directors, approved the First Amendment (the “First Amendment”) to the Third Amended and Restated Incentive Plan. The First Amendment (i) increases the number of shares of Class A common stock available for issuance under the Incentive Plan by an additional 750,000 shares, (ii) implements additional changes designed to comply with certain shareholder advisory group guidelines and best practices, (iii) makes technical updates related to Section 162 (m) of the Internal Revenue Code in light of the 2017 Tax Cuts and Jobs Act, (iv) re-sets the term of the Incentive Plan to expire with respect to the ability to grant new awards on March 31, 2029, and (v) makes such other miscellaneous, administrative and conforming changes as were necessary. The Incentive Plan permits annual awards of shares of our Class A common stock to executives, other key employees, non-employee directors, and eligible participants under various types of options, restricted share awards, or other equity instruments. At December 31, 2019 , 477,245 of the 2,300,000 shares noted above were available for award under the amended Incentive Plan. No participant in the Incentive Plan may receive awards of any type of equity instruments in any calendar-year that relates to more than 200,000 shares of our Class A common stock. No awards may be made under the Incentive Plan after March 31, 2023. To the extent available, we have issued treasury stock to satisfy all share-based incentive plans. Included in salaries, wages, and related expenses within the consolidated statements of operations is stock-based compensation expense of $0.4 million , $4.8 million , and $1.0 million in 2019, 2018, and 2017 , respectively. Included in general supplies and expenses within the consolidated statements of operations is stock-based compensation expenses for non-employee directors of $ 0.4 million in 2019 and 2018 and $0.3 million in 2017 , respectively. All stock compensation expense recorded in 2019, 2018, and 2017 relates to restricted shares granted, as no options were granted during these periods. Associated with stock compensation expense was $ 0.1 million , of income tax expense in 2019 and 2018 as well as income tax benefit of $0.3 million in 2017 , respectively, related to the exercise of stock options and restricted share vesting. The Incentive Plan allows participants to pay the federal and state minimum statutory tax withholding requirements related to awards that vest or allows the participant to deliver to us shares of Class A common stock having a fair market value equal to the minimum amount of such required withholding taxes. To satisfy withholding requirements for shares that vested, certain participants elected to deliver to us 62,255 , 11,052 , and 31,297 Class A common stock shares, which were withheld at weighted average per share prices of $17.75 , $21.89 , and $25.09 , respectively, based on the closing prices of our Class A common stock on the dates the shares vested in 2019, 2018, and 2017 , respectively, in lieu of the federal and state minimum statutory tax withholding requirements. We remitted $1.1 million , $0.2 million , and $0.8 million in 2019, 2018, and 2017 , respectively, to the proper taxing authorities in satisfaction of the employees' minimum statutory withholding requirements. The payment of minimum tax withholdings on stock compensation are reflected within the issuances of restricted shares from treasury stock in the accompanying consolidated statement of stockholders' equity. The following table summarizes our restricted share award activity for the fiscal years ended December 31, 2019, 2018, and 2017 :
|  | Number of |  |  | Weighted |
|  | stock |  |  | average grant |
|  | awards |  |  | date fair |
|  | (in thousands) |  |  | value |
Unvested at December 31, 2016 |  |  | 265 |  |  | $ | 18.63 |
Granted |  |  | 434 |  |  | $ | 16.69 |
Vested |  |  | (96 | ) |  | $ | 12.78 |
Forfeited |  |  | (16 | ) |  | $ | 19.25 |
Unvested at December 31, 2017 |  |  | 587 |  |  | $ | 18.14 |
Granted |  |  | 153 |  |  | $ | 30.32 |
Vested |  |  | (35 | ) |  | $ | 25.97 |
Forfeited |  |  | (30 | ) |  | $ | 27.58 |
Unvested at December 31, 2018 |  |  | 675 |  |  | $ | 20.08 |
Granted |  |  | 351 |  |  | $ | 15.42 |
Vested |  |  | (191 | ) |  | $ | 19.22 |
Forfeited |  |  | (48 | ) |  | $ | 19.33 |
Unvested at December 31, 2019 |  |  | 787 |  |  | $ | 18.25 |
The unvested shares at December 31, 2019 will vest based on when and if the related vesting criteria are met for each award. All awards require continued service to vest, and 250,112 of these awards vest solely based on continued service, in varying increments between 2020 and 2026 . Performance based awards account for 537,348 of the unvested shares at December 31, 2019 , of which 534,086 shares are performance shares for which vesting is not probable, and 3,262 shares relate to performance for the years ended December 31, 2019 through 2022 and have less than $0.1 million of unrecognized compensation cost. The fair value of restricted share awards that vested in 2019, 2018, and 2017 was approximately $3.4 million , $0.7 million , and $2.4 million , respectively. As of December 31, 2019 , we had approximately $3.3 million of unrecognized compensation expense related to 250,112 service-based shares and 3,262 performance-based share awards with 2019 through 2022 performance periods, which is probable to be recognized over a weighted average period of approximately 20 months . All restricted shares awarded to executives and other key employees pursuant to the Incentive Plan provide the holder with voting and other stockholder-type rights, but will not be issued until the relevant restrictions are satisfied. There were no outstanding stock options for the fiscal years ended December 31, 2019, 2018, and 2017 .

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