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Note 12 - Share-based Compensation | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
12 . | SHARE-BASED COMPENSATION:
The Company has one active stock incentive plan for employees and directors, the 2007 Stock Incentive Plan, which provides for awards of stock options to purchase shares of common stock, stock appreciation rights, restricted and unrestricted shares of common stock, RSUs and PSAs. In addition, the Company has one inactive stock option plan, the 1995 Stock Option Plan for Nonemployee Directors, under which previously granted options remain outstanding. The plans provide that options become exercisable according to vesting schedules, which range from immediate to ratably over a 60 -month period. Options terminate ten years from the date of grant. The plans also provide for other equity instruments, such as RSUs and PSAs, which grant the right to receive a specified number of shares over a specified period of time. RSUs are service-based awards and vest according to vesting schedules, which range from immediate to ratably over a three -year period. PSAs are service-based awards that vest over a three -year period and have a market-based payout condition. Vesting of the market-based PSAs is dependent upon the performance of the market price of the Company’s stock relative to a peer group of companies. The following table summarizes share-based compensation expense recorded (in thousands):
|  | Year ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Cost of sales |  | $ | 422 |  |  | $ | 412 |  |  | $ | 337 |
Selling, general and administrative expense |  |  | 1,379 |  |  |  | 1,362 |  |  |  | 2,609 |
Total |  | $ | 1,801 |  |  | $ | 1,774 |  |  | $ | 2,946 |
As of December 31, 2016, unrecognized compensation expense related to the unvested portion of the Company’s RSUs and PSAs was $1.0 million, which is expected to be recognized over a weighted average period of 1.0 year. There were no options granted during the years ended December 31, 2016, 2015 or 2014. There were 557,098 shares of common stock available for future issuance under the Company’s stock compensation plan as of December 31, 2016. Stock Options Awards A summary of option activity under the Company’s stock option plans as of December 31, 2016 and changes during the year then ended is presented below:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  |  |  | (in years) |  |  | (in thousands) |
Balance, December 31, 2015 |  |  | 28,000 |  |  | $ | 25.21 |  |  |  |  |  |  |  |  |
Options granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Options exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Options canceled |  |  | (2,000 | ) |  |  | 28.31 |  |  |  |  |  |  |  |  |
Balance, December 31, 2016 |  |  | 26,000 |  |  |  | 24.97 |  |  |  |  |  |  |  |  |
Exercisable, December 31, 2016 |  |  | 26,000 |  |  |  | 24.97 |  |  |  | 3.03 |  |  | $ | - |
The total intrinsic value, defined as the difference between the current market value and the grant price, of options exercised during the years ended December 31, 2015 and 2014 was approximately $0. No options were exercised in 2016. Restricted Stock Units and Performance Share Awards The Company estimates the fair value of RSUs and PSAs using the value of the Company’s stock on the date of grant, with the exception of market-based PSAs, for which a Monte Carlo simulation model is used. There were no PSAs granted during the years ended December 31, 2016 or 2015. The assumptions used in the Monte Carlo simulation model for PSAs granted during the year ended December 31, 2014 were as follows:
Expected stock price volatility |  | 23.7% | - | 65.0% |
Risk free interest rate |  | 0.61% |
Expected dividend yield |  | 0% |
A summary of activity under the Company’s RSUs and PSAs as of December 31, 2016 and changes during the year then ended is presented below:
|  | Number of RSUs and PSAs (1) |  |  | Weighted Average Grant Date Fair Value |
Unvested RSUs and PSAs at December 31, 2015 |  |  | 127,852 |  |  | $ | 38.87 |
RSUs and PSAs granted |  |  | 169,583 |  |  |  | 9.50 |
Unvested RSUs and PSAs canceled |  |  | (63,432 | ) |  |  | 36.96 |
RSUs and PSAs vested |  |  | (12,212 | ) |  |  | 31.50 |
Unvested RSUs and PSAs at December 31, 2016 |  |  | 221,791 |  |  | $ | 17.36 |
| (1) | The number of shares disclosed in this table are at the target level of 100%.
The unvested balance of RSUs and PSAs as of December 31, 2016 includes approximately 47,000 PSAs at a target level of performance. The vesting of these awards is subject to the achievement of specified market-based conditions, and the actual number of common shares that will ultimately be issued will be determined by multiplying this number of PSAs by a payout percentage ranging from 0% to 200%. The weighted average grant date fair value of RSUs and PSAs granted during the year ended December 31, 2014 was $41.76. No RSUs or PSAs were granted during the year ended December 31, 2015. The total fair value of RSUs and PSAs vested during the years ended December 31, 2016, 2015 and 2014 was $0.1 million, $1.6 million and $3.5 million, respectively. Stock Awards For the years ended December 31, 2016, 2015 and 2014, stock awards of 27,640 shares, 10,464 shares and 9,150 shares, respectively, were granted to non-employee directors, which vested immediately upon issuance. The Company recorded compensation expense based on the weighted average fair market value per share of the awards on the grant dates of $9.95 in 2016, $21.02 in 2015 and $36.00 and $36.41 in 2014.

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