8.	Equity Plans :

Restricted Stock Un

its and Performance Share Units

Pursuant to the Amended and Restated Olympic Steel

2007

Omnibus Incentive Plan (the 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. Since adoption of the Plan,

1,000,000

shares of common stock have been authorized for equity grants.

March 13, 2018

and

March 13, 2017,

the Compensation Committee of the Company’s Board of Directors approved the grant of

3,496

and

3,501

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

$22.88

and

$19.99

March 13, 2018

and

March 31, 2017,

respectively.

July 1, 2016,

the Company created a new Senior Management Stock Incentive Program (the Plan) for certain participants that operates under the Plan. Under the Plan, each participant is awarded RSUs with a dollar value equal to

10%

of the participant’s base salary, up to an annual maximum of

$17,500.

The RSUs have a

five

-year vesting period and the RSUs 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. The carbon and specialty metals flat products segments adopted the Plan on

July 1, 2016

and the tubular and pipe products segment adopted the Plan on

January 1, 2017.

Stock-based compensation expense recognized on RSUs for the

three

months ended

March 31, 2018

and

2017,

respectively, is summarized in the following table:

	For the Three Months Ended
	March 31,
(in thousands, except per share data)	2018		2017
RSU expense before taxes	$	138	$	120
RSU expense after taxes	$	102	$	73

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, 2018:

	Number of			Weighted Average
	Shares			Granted Price
Outstanding at December 31, 2017		469,068		$	20.11
Granted		55,532			22.88
Converted into shares		(9,178	)		17.08
Forfeited		-			-
Outstanding at March 31, 2018		515,422		$	20.46
Vested at March 31, 2018		481,862		$	20.52