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Note 10 - Stock Incentive Plan
 6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

10. Stock Incentive Plan

 

A summary of the status of the Company’s unvested shares as of  January 1, 2022, and changes during the six-month period ended  June 30, 2022, are presented below:

 

Unvested Shares

 

Shares

  

Weighted-Average

Grant-Date Fair Value

 

Unvested on January 1, 2022

  72,593   19.05 

Granted

  -   - 

Vested

  -   - 

Forfeited

  -   - 

Unvested on June 30, 2022

  72,593   19.05 

 

As of  June 30, 2022, there was $833,863 of total unrecognized compensation cost related to unvested share-based compensation arrangements granted. That cost is expected to be recognized over a weighted-average period of 0.62 years. The share-based compensation recognized relating to the unvested shares was $57,850 and $431,502 for the six-month periods ended  June 30, 2021 and 2022, respectively, and is included within “General and administrative expenses” in the unaudited condensed consolidated statements of comprehensive income.

 

The unvested shares will accrue dividends as declared and paid which will be retained by the Company until the shares vest at which time they are payable to the grantee. As of June 30, 2022 the unvested restricted shares accrued dividends of $31,675. As unvested restricted share grantees accrue dividends on awards that are expected to vest, such dividends are charged to retained earnings.