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Note 13 - Share-based Compensation
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
13
.
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 had
one
inactive stock option plan, the
1995
Stock Option Plan for Nonemployee Directors, under which remaining previously granted options expired unexercised during the year ended
December 
31,
2017.
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 according to the terms of the grant and
may
have performance- or market-based payout conditions.
 
The following
table summarizes share-based compensation expense recorded (in thousands):
 
   
Year Ended December 31
,
  
   
201
7
    
201
6
    
201
5
  
                         
Cost of sale
s
   $
292
     $
422
     $
412
  
Selling, general and administrative expens
e
    
908
      
1,387
      
1,331
  
Loss from operations of discontinued operation
s
    
-
      
(8
 )    
31
  
Tota
l
   $
1,200
     $
1,801
     $
1,774
  
 
As of
December
 
31,
2017,
the remaining nominal amount of unrecognized compensation expense related to the unvested portion of the Company’s RSUs is expected to be recognized over a weighted-average period of
one
month.
 
There were
no
options granted during
the years ended
December 
31,
2017,
2016
or
2015.
There were
589,142
shares of common stock available for future issuance under the Company’s stock compensation plan as of
December 
31,
2017.
 
Stock Options Awards
 
A summary of
option activity under the Company’s stock option plans is presented below:
 
   
Options Outstandin
g
    
Weighted-
Average
Exercise
Pric
e
    
Weighted-
Average Remaining Contractual
Lif
e
    
Aggregate
Intrinsic
Valu
e
  
   
 
 
 
  
 
 
 
  
(in years
)
    
(in thousands
)
  
Balance, December 31, 201
6
    
26,000
     $
24.97
      
 
      
 
  
Options grante
d
    
-
      
-
      
 
      
 
  
Options exercised
    
-
      
-
      
 
      
 
  
Options cancele
d
    
(2,000
 )    
34.77
      
 
      
 
  
Balance, December 31, 201
7
    
24,000
      
24.15
      
 
      
 
  
Exercisable, December 31, 201
7
    
24,000
      
24.15
      
2.24
     $
-
  
 
The total intrinsic value, defined as the difference between the current market value and the grant price, of options exercised during t
he year ended
December 
31,
2015
was approximately
$0.
No
options were exercised in
2017
or
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.
 
A summary of
activity under the Company’s RSUs and PSAs is presented below:
 
   
Number of
RSUs and
PSAs (1
)
    
Weighted-
Average Grant
Date Fair
Valu
e
  
                 
Unvested RSUs and PSAs as of December 31, 201
6
    
221,791
     $
17.36
  
RSUs and PSAs grante
d
    
-
      
-
  
Unvested PSAs cancele
d
    
(46,988
 )    
43.68
  
RSUs vested
    
(5,220
 )    
36.00
  
Unvested RSUs as of December 31, 201
7
    
169,583
      
9.50
  
 
 
(
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
included approximately
47,000
market-based PSAs at a target level of performance. Vesting of these PSAs was dependent upon the performance of the market price of the Company’s stock relative to a peer group of companies. In the year ended
December 
31,
2017,
these PSAs were canceled because the market-based conditions were
not
achieved, and the actual number of common shares that were issued was determined by multiplying the PSAs by a payout percentage of
0%.
 
The weighted
-average grant date fair value of RSUs granted during the year ended
December 
31,
2016
was
$9.50.
There were
no
RSUs granted during the years ended
December 
31,
2017
or
2015
and
no
PSAs granted during the years ended
December 
31,
2017,
2016
or
2015.
The total fair value of RSUs and PSAs vested during the years ended
December 
31,
2017,
2016
and
2015
was
$0.1
 million,
$0.1
 million and
$1.6
 million, respectively.
 
Stock Awards
 
For t
he years ended
December 
31,
2017,
2016
and
2015,
stock awards of
14,944
 shares,
27,640
 shares and
10,464
 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
$14.72
in
2017,
$9.95
in
2016
and
$21.02
in
2015.