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Note 7 - Equity Plans
 3 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
7.
Equity Plans
:
 
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, the Compensation Committee of the Company’s Board of Directors approved the grant of 4,639 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 on March 1, 2015.
 
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 three months ended March 31, 2016 and 2015, the Company matched 2,500 and 6,500 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, 2016 and 2015, respectively, is summarized in the following table:
 
 
 
For the Three Months Ended
 
 
 
March 31,
 
(in thousands, except per share data)
 
2016
 
 
2015
 
RSU expense before taxes
   $ 239     $ 231  
RSU expense after taxes
   $ 146     $ 141  
 
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, 2016:
 
 
 
 
 
 
 
 
 
 
 
Aggregate
 
 
 
Number of
 
 
Weighted Average
 
 
Intrinsic Value
 
 
 
Shares
 
 
Granted Price
 
 
(in thousands)
 
Outstanding at December 31, 2015
     287,894     $ 22.39          
Granted
     92,077       10.88          
Converted into shares
     -       -          
Forfeited
     -       -          
Outstanding at March 31, 2016
     379,971     $ 19.60     $ 788  
Vested at March 31, 2016
     367,750     $ 19.48     $ 788  
 
No RSUs were converted into shares during the three months ended March 31, 2016. During the three months ended March 31, 2015, 1,582 RSUs were converted into shares.