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Note 8 - Equity Plans

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

8. Equity Plans:

Stock Options

The following table summarizes stock option activity during the six months ended June 30, 2015:

										Weighted Average				Aggregate Intrinsic
		Number of				Weighted Average				Remaining				Value
		Options				Exercise Price				Contractual Term				(in thousands)
Outstanding at December 31, 2014			20,170			$	32.63
Granted			-				-
Exercised			-				-
Canceled			(1,000	)			32.63
Outstanding at June 30, 2015			19,170			$	32.63				1.83			$	-
Exercisable at June 30, 2015			19,170			$	32.63				1.83			$	-

During the six months ended June 30, 2015 no options were exercised. All options outstanding are vested as of June 30, 2015. There were 7,000 options exercised during the six months ended June 30, 2014. The total intrinsic value of stock options exercised during the six months ended June 30, 2014 was $103 thousand.

Restricted Stock Units and Performance Share Units

Pursuant to the Olympic Steel 2007 Omnibus Incentive Plan (Plan), the Company may 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 March 1, 2015 and March 1, 2014, the Compensation Committee of the Company’s Board of Directors approved the grant of 4,639 and 2,544 restricted stock units (RSUs), respectively, 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 $15.09 and $27.51 for the grants on March 1, 2015 and March 1, 2014, respectively.

The Company’s Senior Management Compensation Program includes an equity component in order to encourage more ownership of common stock by the senior management. The Senior Management Compensation Program imposes 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 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, 2015 and 2014 the Company matched 7,750 shares and 7,250 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 and six months ended June 30, 2015 and 2014, respectively, is summarized in the following table:

		For the Three Months Ended								For the Six Months Ended
		June 30,								June 30,
(in thousands, except per share data)		2015				2014				2015				2014
RSU expense before taxes		$	311			$	268			$	542			$	521
RSU expense after taxes		$	191			$	176			$	317			$	333
Impact per basic share		$	0.02			$	0.02			$	0.03			$	0.03
Impact per diluted share		$	0.02			$	0.02			$	0.03			$	0.03

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 six months ended June 30, 2015:

										Aggregate
		Number of				Weighted Average				Intrinsic Value
		Shares				Granted Price				(in thousands)
Outstanding at December 31, 2014			238,023			$	25.11
Granted			69,771				14.54
Converted into shares			(2,437	)			18.87
Forfeited			-				-
Outstanding at June 30, 2015			305,357			$	22.61			$	-
Vested at June 30, 2015			280,915			$	22.55			$	-

During the six months ended June 30, 2015 and June 30, 2014, 2,437 and 1,250 RSUs were converted into shares, respectively.