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Note 13 - Share-based Compensation | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Share-based Payment Arrangement [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 following table summarizes share-based compensation expense recorded (in thousands):
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Cost of sales |  | $ | 383 |  |  | $ | 12 |  |  | $ | 292 |
Selling, general, and administrative expense |  |  | 1,326 |  |  |  | 269 |  |  |  | 908 |
Total |  | $ | 1,709 |  |  | $ | 281 |  |  | $ | 1,200 |
There were 480,876 shares of common stock available for future issuance under the Company’s stock incentive plan as of December 31, 2019. Stock Options Awards The Company’s stock incentive 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 following table summarizes the Company’s stock option activity:
|  | Options Outstanding |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  |  |  | (in years) |  |  | (in thousands) |
Balance, December 31, 2018 |  |  | 24,000 |  |  | $ | 24.15 |  |  |  |  |  |  |  |  |
Options granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Options exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Options canceled |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Balance, December 31, 2019 |  |  | 24,000 |  |  |  | 24.15 |  |  |  |  |  |  |  |  |
Exercisable, December 31, 2019 |  |  | 24,000 |  |  |  | 24.15 |  |  |  | 0.24 |  |  | $ | 220 |
There were no options granted or exercised during the years ended December 31, 2019, 2018, or 2017. Restricted Stock Units and Performance Share Awards The Company’s stock incentive plans provide for 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 have performance-based payout conditions. The following table summarizes the Company’s RSU and PSA activity:
|  | Number of RSUs and PSAs (1) |  |  | Weighted- Average Grant Date Fair Value |
Unvested PSAs as of December 31, 2018 |  |  | 39,992 |  |  | $ | 19.97 |
RSUs and PSAs granted |  |  | 86,701 |  |  |  | 23.56 |
Unvested RSUs and PSAs canceled |  |  | (1,531 | ) |  |  | 23.56 |
PSAs vested (2) |  |  | (39,992 | ) |  |  | 19.97 |
Unvested RSUs and PSAs as of December 31, 2019 |  |  | 85,170 |  |  |  | 23.56 |
| ( 1 ) | The number of PSAs disclosed in this table are at the target level of 100%.
| ( 2 ) | The PSAs vested on March 29, 2019; the actual number of common shares that were issued was determined by multiplying the PSAs by a payout percentage of 0% as the performance-based conditions were not achieved.
The unvested balance of RSUs and PSAs as of December 31, 2019 includes approximately 64,000 performance-based PSAs at a target level of performance. The vesting of these awards is subject to the achievement of specified performance-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 150%. The weighted-average grant date fair value of RSUs granted during the year ended December 31, 2019 was $23.56. The weighted-average grant date fair value of PSAs granted during the years ended December 31, 2019 and 2018 were $23.56 and $19.97, respectively. There were no RSUs granted during the years ended December 31, 2018 or 2017 and no PSAs granted during the year ended December 31, 2017. The total fair value of RSUs and PSAs vested during the years ended December 31, 2019, 2018, and 2017 was $0, $1.6 million, and $0.1 million, respectively. As of December 31, 2019, unrecognized compensation expense related to the unvested portion of the Company’s RSUs and PSAs was $1.1 million, which is expected to be recognized over a weighted-average period of 1.2 years. Stock Awards For the years ended December 31, 2019, 2018, and 2017, stock awards of 11,924 shares, 11,172 shares, and 14,944 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 date of $25.16 in 2019, $21.48 in 2018, and $14.72 in 2017.

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