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Note 8 - Equity Plans
 3 Months Ended
Mar. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
8.           Equity Plans:

Stock Options

The following table summarizes stock option activity during the three months ended March 31, 2013:

   
Number of
Options
   
Weighted Average
Exercise Price
   
Weighted Average
Remaining
Contractual Term (years)
   
Aggregate Intrinsic
Value
(in thousands)
 
Outstanding at December 31, 2012
    40,339     $ 21.79              
Granted
    -       -              
Exercised
    (1,667 )     3.50              
Canceled
    -       -              
Outstanding at March 31, 2013
    38,672     $ 22.58       2.7     $ 240  
Exercisable at March 31, 2013
    38,672     $ 22.58       2.7     $ 240  

There were 1,667 and 2,170 stock options exercised during the three months ended March 31, 2013 and 2012, respectively.  The total intrinsic value of stock options exercised during the three months ended March 31, 2013 and 2012 was $28 thousand $52 thousand, respectively.  All options outstanding are vested as of March 31, 2013.

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 2, 2013 and January 3, 2012, 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 $23.41 and $25.55 for the grants on January 2, 2013 and January 3, 2012, 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 senior management.  Beginning in 2011, the Senior Management Compensation Program imposed stock ownership requirements upon the participants.  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 three months ended March 31, 2013 and 2012 the Company matched 6,000 and 3,250 shares, respectively.  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 participant’s death or disability or upon a change in control of the Company.

Stock-based compensation expense recognized on RSUs for the three months ended March 31, 2013 and 2012, respectively, is summarized in the following table:

   
For the Three Months Ended
March 31,
 
   
2013
   
2012
 
(in thousands, except per share data)
       
RSU expense before taxes
  $ 244     $ 281  
RSU expense after taxes
  $ 159     $ 172  
Impact per basic share
  $ 0.01     $ 0.02  
Impact per diluted share
  $ 0.01     $ 0.02  

All pre-tax charges related to RSUs were included in the caption “Administrative and general” on the accompanying Consolidated Statements of Comprehensive Income.

The following table summarizes the activity related to RSUs for the three months ended March 31, 2013:

   
Number of
Shares
   
Weighted Average
Granted Price
   
Aggregate
Intrinsic Value
(in thousands)
 
Outstanding at December 31, 2012
    192,819     $ 26.22        
Granted
    37,341       21.33        
Converted into shares
    -       -        
Forfeited
    -       -        
Outstanding at March 31, 2013
    230,160     $ 25.43     $ 163  
Vested at March 31, 2013
    164,271     $ 26.16     $ 135  

No RSUs were converted into shares during the three months ended March 31, 2013 or 2012.