XML 51 R17.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Note 12 - Equity Plans: | 6 Months Ended
--- | ---
Jun. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (12) Equity Plans: Stock Options The following table summarizes stock option activity during the six months ended June 30, 2012:
| Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2011 | 46,007 |  |  | $ | 20.90 |  |  |  |  |  |  |
Granted | - |  |  |  | - |  |  |  |  |  |  |
Exercised | (2,170) |  |  |  | 4.18 |  |  |  |  |  |  |
Canceled | - |  |  |  | - |  |  |  |  |  |  |
Outstanding at June 30, 2012 | 43,837 |  |  | $ | 21.73 |  |  | 3.3 years |  |  | $ | 143
Exercisable at June 30, 2012 | 43,837 |  |  | $ | 21.73 |  |  | 3.3 years |  |  | $ | 143
There were 2,170 stock options exercised during the six months ended June 30, 2012. There were no stock options exercised during the six months ended June 30, 2011. The total intrinsic value of stock options exercised during the six months ended June 30, 2012 was $52 thousand. All options outstanding are vested as of June 30, 2012. Restricted Stock Units and Performance Share Units The Olympic Steel 2007 Omnibus Incentive Plan (the Plan) was approved by the Company’s shareholders in 2007. The Plan authorizes the Company to grant stock options, stock appreciation rights, restricted shares, restricted share units, performance shares, and other stock- and cash-based awards to employees and Directors of, and consultants to, the Company and its affiliates. Under the Plan, 500,000 shares of common stock are available for equity grants. On January 3, 2012 and March 1, 2011, the Compensation Committee of the Company’s Board of Directors approved the grant of 1,800 restricted stock units (RSUs) to each non-employee Director. Subject to the terms of the Plan and the RSU agreement, the RSUs vest after one year of service (from the date of grant). The RSUs are not converted into shares of common stock until the director either resigns or is terminated from the Board of Directors. The fair value of each RSU was estimated to be the closing price of the Company’s common stock on the date of the grant, which was $25.55 and $26.91 for the grants on January 3, 2012 and March 1, 2011, respectively. In 2011, the Compensation Committee for the Company’s Board of Directors approved changes to the Senior Management Compensation Program to include an equity component in order to encourage more ownership of Common Stock by the executives. Starting in 2011, the Senior Management Compensation Program imposed stock ownership requirements upon the participants. Beginning in 2011, each participant is required to own at least 750 shares of Common Stock for each year that the participant participates in the Senior Management Compensation Program. Any participant that fails to meet to the stock ownership requirements will be ineligible to receive any equity awards under the Company’s equity compensation plans, including the Plan, until the participant satisfies the ownership requirements. To assist participants in meeting the stock ownership requirements, on an annual basis, if a participant purchases 500 shares of Common Stock on the open market, the Company will award that participant 250 shares of Common Stock. During the six months ended June 30, 2102 the Company matched 6,750 shares. Additionally, any participant who continues to comply with the stock ownership requirements as of the five-year, 10-year, 15-year, 20-year and 25-year anniversaries of the participant’s participation in the Senior Management Compensation Program will receive a restricted stock unit award with a dollar value of $25 thousand, $50 thousand, $75 thousand, $100 thousand and $100 thousand, respectively. Restricted stock unit awards will convert into the right to receive shares of Common Stock upon a participant’s retirement, or earlier upon the executive’s death or disability or upon a change in control of the Company. In recognition of their performance and dedicated years of service, on December 31, 2011, the Compensation Committee of the Board of Directors granted 81,475 RSUs to Messrs. Michael D. Siegal, Chairman and Chief Executive Officer, David A.Wolfort, President and Chief Operating Officer, and Richard T. Marabito, Chief Financial Officer and Treasurer. The fair value of each RSU was estimated to be the closing price of the Company’s common stock on the date of the grant, which was $23.32 on December 31, 2011. The RSUs vest in five years. Except in limited circumstances, the RSUs will not convert into shares of Common Stock until the retirements of Messrs. Siegal, Wolfort and Marabito, respectively. These RSUs are not a part of the 2011 Senior Management Compensation Program discussed above. Stock-based compensation expense recognized on RSUs for the three and six months ended June 30, 2012 and 2011, respectively, is summarized in the following table:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
(in thousands, except per share data) |  |  |  |  |  |  |  |  |  |
RSU expense before taxes |  | $ | 272 |  |  | $ | 129 |  |  | $ | 552 |  |  | $ | 216 |
RSU expense after taxes |  | $ | 163 |  |  | $ | 78 |  |  | $ | 335 |  |  | $ | 133 |
Impact per basic share |  | $ | 0.01 |  |  | $ | 0.01 |  |  | $ | 0.03 |  |  | $ | 0.01 |
Impact per diluted share |  | $ | 0.01 |  |  | $ | 0.01 |  |  | $ | 0.03 |  |  | $ | 0.01 |
All pre-tax charges related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statement of Comprehensive Income. The following table summarizes the activity related to RSUs for the six months ended June 30, 2012:
| Number of Shares |  |  | Weighted Average Granted Price |  |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2011 |  | 147,603 |  |  | $ | 27.16 |  |  |  |
Granted |  | 40,368 |  |  |  | 23.97 |  |  |  |
Converted into shares |  | (375) |  |  |  | 22.68 |  |  |  |
Forfeited |  | - |  |  |  | - |  |  |  |
Outstanding at June 30, 2012 |  | 187,596 |  |  | $ | 26.48 |  |  |  | -
Vested at June 30, 2012 |  | 121,443 |  |  | $ | 25.95 |  |  |  | -
During the six months ended June 30, 2012, 375 RSUs were converted into shares. No RSUs were converted into shares during the six months ended June 30, 2011.

X
- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration