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Note 13 - Share-based Compensation
 12 Months Ended
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.